KFC is packing up and moving its U.S. headquarters from Kentucky to Texas.
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00:00If you take the K out of KFC, will it still be finger licking good? Yum Brands, the parent
00:05company of Kentucky Fried Chicken, announced it is moving the chicken chain's headquarters from
00:09Kentucky to Texas. The move is part of a broader corporate strategy to simplify locating all of
00:16Yum Brands company headquarters in just two states, California and Texas. KFC's global
00:23operations are already headed out of Plano, Texas, along with Pizza Hut. Other Yum Brands properties
00:29such as Taco Bell and Habit Burger and Grill are headed up in Irvine, California. As a result of
00:35the relocation impacted, KFC employees have six months to move to their new city. In addition to
00:41that, Yum Brands is requiring remote workers across all brands to return to the office.
00:46Yum Brands is not alone. Many companies have come to the conclusion that less office space is now
00:53required, even as many want to call workers back to the office. Meanwhile, Yum joins a small number
00:59of companies deciding to move to states with lower tax burdens and what are perceived as more
01:04business-friendly policies. According to a 2024 report by real estate firm CBRE, from 2018 to 2023,
01:1228 Fortune 500 companies made such a move. But KFC isn't totally walking away from its home state.
01:19It plans to build a new flagship restaurant in Kentucky in order to pay homage to its legacy.
01:26Let's turn now to market action. On Wednesday, the S&P 500 is coming off a fresh record high
01:31set the day before. New homes construction projects tumbled 10 percent at the start of
01:35the year, reversing a surge in December. Meanwhile, Toll Brothers missed quarterly
01:39sales and profit forecasts and gave a disappointing outlook. The stock traded lower. That'll do it
01:46for your daily briefing from the New York Stock Exchange. I'm Conway Gittins with The Street.