Popeyes Louisiana Kitchen

Popeyes Louisiana Kitchen is a fast food chain specializing in Cajun- and Creole-inspired fried chicken, with over 3,100 U.S. locations and 5,000+ worldwide. Approximately 98% franchised, it operates under Restaurant Brands International (in which 3G Capital holds about 27% of the voting interest) alongside Burger King, Tim Hortons, and Firehouse Subs. Known for its spicy chicken sandwich and Louisiana-style sides.

49/ 100
Actively Enshittifying
2Squeezing Users↓Worsening

Score generated by AI agents based on publicly cited evidence and reviewed by the project maintainer. Not independently validated. Last assessed 2026-02-19.

Score History

MilestoneCriticalMajor
Cajun Kitchen Origins (1972–1992) · 16/100Cajun Kitchen OriginsPost-Bankruptcy Rebuild (1992–2007) · 22/100Post-Bankruptcy RebuildBachelder Turnaround (2007–2017) · 19/100BachelderTurnaround3G Capital Acquisition (2017–2022) · 30/1003GInflation Squeeze (2022–2026) · 40/100Infl…Franchisee Crisis (2026–present) · 49/100Franc…1007550250198019902000201020202026-02Cajun Kitchen Origins (1972–1992) · 16/100Post-Bankruptcy Rebuild (1992–2007) · 22/100Bachelder Turnaround (2007–2017) · 19/1003G Capital Acquisition (2017–2022) · 30/100Inflation Squeeze (2022–2026) · 40/100Franchisee Crisis (2026–present) · 49/100162219304049MilestonesFounded (1972)Acquired Church's Chicken (1989)AFC formed from bankruptcy (1992)IPO (2001)Renamed to Popeyes Louisiana Kitchen (2014)Acquired by RBI (2017)Events

Timeline events are AI-curated from public reporting. Score trajectory is derived from documented events.

Cajun Kitchen Origins
16/100
1972-06-01 – 1992-10-01

Al Copeland founds Popeyes in New Orleans with a differentiated spicy Cajun recipe. The early chain grows rapidly through franchising, reaching 500 restaurants by 1985. Labor practices are typical of 1970s-80s QSR with minimal regulation, and the franchise model introduces early business-customer dynamics. Low lock-in and no digital infrastructure keep several dimensions negligible.

Post-Bankruptcy Rebuild
22/100+6
1992-10-01 – 2007-11-01

After founder Al Copeland's $392 million acquisition of Church's Chicken, financed with about $450 million in borrowing, triggers bankruptcy, creditors led by CIBC take control and create America's Favorite Chicken Company. Under former Arby's executive Frank Belatti, AFC expands both chains; private equity firm Freeman Spogli takes a majority stake in 1996, and the company goes public in 2001. A 2003 accounting restatement leads to Nasdaq delisting, and the company cycles through four CEOs in seven years before 2007. Labor governance remains typical of under-invested QSR franchises.

Bachelder Turnaround
19/100-3
2007-11-01 – 2017-03-01

Cheryl Bachelder takes over as CEO after four leadership changes in seven years and implements servant-leadership focused on franchisee partnership. Over the next decade, restaurant sales rise 45%, restaurant operating profit more than doubles, and the stock price climbs from about $13 to $79. Franchisee relationships improve, user value stabilizes, and global system-wide sales reach about $3.3 billion by 2016. Labor governance remains a structural QSR weakness but improves relative to the prior neglect era.

3G Capital Acquisition
30/100+11
2017-03-01 – 2022-01-01

Restaurant Brands International, backed by Brazilian PE firm 3G Capital, acquires Popeyes for $1.8 billion. CEO Bachelder departs and Popeyes becomes part of RBI's asset-light, franchise-fee model alongside Burger King and Tim Hortons. The chicken sandwich launch in 2019 drives explosive growth but exposes operational fragility and labor strain. Health department closures at multiple locations signal growing quality control gaps under the franchise model.

Inflation Squeeze
40/100+10
2022-01-01 – 2026-02-19

Post-pandemic inflation provides cover for aggressive price increases (a 4-piece dinner nearly doubled between 2014 and 2024) and documented shrinkflation across menu items. Popeyes' loyalty program, launched in mid-2021, steers deals toward app ordering. Franchisee financial distress mounts as costs surge while margins shrink. Labor enforcement escalates with child labor penalties against franchisees in California, Michigan and Massachusetts, and a federal court orders a Harrisburg, Pennsylvania franchisee to stop intimidating workers and harassing investigators.

Franchisee Crisis
49/100+9
2026-02-19 – present

Sailormen, one of Popeyes' largest franchisees, files for bankruptcy owing about $129 million to lenders, 14 Ontario franchise companies enter receivership over unpaid wages, and an Iowa franchisee keeps operating five restaurants after termination. A $35 million lawsuit alleges Ontario locations sold chicken sourced from residential garages. RBI mandates costly equipment modernization and raises the advertising rate while returning about $1.0 billion to shareholders in 2024.

Alternatives

Privately held and 100% company-owned, with no franchisees, consistent quality, and a simple menu. Only available in western and some southern U.S. states, so geography is the main barrier. Not chicken-specific but competes for the same fast food dollar.

Privately held chicken fingers chain with a simple menu and consistently high quality, operating mostly company-owned restaurants rather than relying on franchisees. Easy switch for fried chicken cravings, though the menu is limited to tenders only.

Leads QSR in customer satisfaction (ACSI 83, 11 consecutive years). Higher-quality chicken sandwiches with free sauce packets and better employee treatment. Closed Sundays. Easy switch — just go there instead. Unique franchise model ($10K entry) means less franchisee extraction.

Dimensional Breakdown

Summaries below were written by AI agents based on the cited evidence. They are editorial interpretations, not independent research findings.

User Value Erosion
Popeyes prices have climbed sharply: a 4-piece chicken dinner rose about 97%, from $7.00 in 2014 to $13.79 in 2024 (CNET data cited by Eat This, Not That!), and a former employee reported the chicken sandwich combo going from about $8 in 2020 to $12. Customers have widely documented shrinkflation online: chicken wings barely larger than sauce packets, sandwiches with more bread than chicken, and side portions that don't fill their containers, and a Redditor reported sauce cups shrinking from 1 oz to 0.9 oz. The ACSI customer satisfaction score dropped to 72 in the 2024 study (near the bottom of fast food chains), then rebounded to 75 in 2025, still below the quick-service average of 79. U.S. comparable sales fell 3.8% in Q3 2024, were roughly flat for the rest of the year (0.1% in Q4, 0.6% for 2024) and fell about 4% in Q1 2025. RBI launched an 'Easy to Run' equipment modernization initiative and, after four negative quarters out of five, named a new Popeyes U.S. and Canada president in November 2025.
How It Got Here
Under Cheryl Bachelder's leadership (2007-2017), Popeyes delivered consistent value with improving menu quality and rising customer satisfaction. The 2017 RBI acquisition initially maintained value, and the 2019 chicken sandwich launch created genuine excitement with a $3.99 sandwich that competed directly with Chick-fil-A. After the pandemic, however, Popeyes became one of the fastest-inflating QSR chains. A 4-piece Chicken Dinner nearly doubled from $7.00 in 2014 to $13.79 in 2024, and a former employee reported the chicken sandwich combo rising from about $8 in 2020 to $12 and the eight-piece family meal from about $23 to $33. Shrinkflation compounded the damage: a Redditor reported sauce cups shrinking from 1 oz to 0.9 oz, and customers posted chicken wings barely larger than sauce packets and sides that no longer filled their containers. The ACSI customer satisfaction score dropped to 72 in 2024, near the bottom of fast food chains. U.S. comparable sales fell 3.8% in Q3 2024 and about 4% in Q1 2025, prompting RBI to launch an 'Easy to Run' equipment modernization initiative and, in November 2025, to appoint a new brand president. The score rebounded to 75 in 2025 but remains below the 79 industry average.
Business Customer Exploitation
Shareholder Extraction
Lock-in & Switching Costs
Twiddling & Algorithmic Opacity
Dark Patterns
Advertising & Monetization Pressure
Competitive Conduct
Labor & Governance
Regulatory & Legal Posture

Dimension History

1972Cajun Kitchen Origins1992Post-Bankruptcy Rebuild2007Bachelder Turnaround20173G Capital Acquisition2022Inflation Squeeze2026Franchisee CrisisUser Value122345Biz Exploit232356Shareholder232345Lock-in221223Algorithms011122Dark Patterns111234Advertising222345Competition222334Labor/Gov343578Regulatory123567
Timeline (37 events)
major1972-06-12

Al Copeland opens first Popeyes in New Orleans

Al Copeland opens 'Chicken on the Run' in Arabi, a suburb of New Orleans. After initial failure with traditional fried chicken, he reformulates with a spicy Cajun recipe and reopens as Popeyes Mighty Good Chicken four days later. The spicy recipe differentiates the brand from KFC and launches a decades-long expansion.

major1976-01-01

Popeyes begins franchising operations in Louisiana

Copeland starts franchising Popeyes, opening the first franchise location in Baton Rouge, Louisiana. Franchising drives rapid growth, establishing the franchise-dependent business model that defines the chain. By 1985 the chain opens its 500th restaurant, including locations in Canada.

critical1989-01-01

Copeland acquires Church's Chicken with $450M in debt

Copeland Enterprises acquires rival fried chicken chain Church's, financed with approximately $450 million in borrowings from CIBC and Merrill Lynch. The acquisition creates interest costs exceeding $100,000 per day. Church's revenues had been declining since 1985, and the crushing debt burden proves unsustainable.

critical1991-04-01

Copeland Enterprises files for bankruptcy protection

Copeland Enterprises files for Chapter 11 bankruptcy protection with $391 million in defaulted debts from the Church's acquisition. The bankruptcy strips founder Al Copeland of control over both Popeyes and Church's. Creditors led by Canadian Imperial Bank of Commerce take ownership, beginning a prolonged period of corporate instability.

critical1992-10-01

America's Favorite Chicken Company formed from creditor reorganization

A federal bankruptcy court approves a creditor-led reorganization plan creating America's Favorite Chicken Company (AFC) as the new parent of both Popeyes and Church's. CIBC, acting for the lending syndicate, holds 82% of common stock and 89.3% of preferred stock. Former Arby's president Frank Belatti is named chairman and CEO and launches a plan to remodel restaurants and repair franchisee relations.

major2001-03-02

AFC Enterprises goes public on NASDAQ

AFC Enterprises completes its IPO on the Nasdaq National Market on March 2, 2001 under ticker AFCE at $17 per share. AFC sells about 3.1 million new shares for roughly $46 million in net proceeds, used to pay down debt, while existing shareholders sell further shares in the offering and in a December 2001 secondary offering at $23. The IPO introduces public market pressure for quarterly earnings growth; the stock peaks near $35 in 2002 before an accounting scandal.

major2003-03-01

AFC Enterprises forced to restate financials, SEC investigation

AFC Enterprises announces it must restate financial statements for fiscal 2001 and the first three quarters of 2002 due to accounting irregularities. The SEC launches an informal investigation into the company. AFC sues its former auditor Arthur Andersen for malpractice, alleging violations of generally accepted auditing standards. The restatement delays filings, resulting in Popeyes' parent being delisted from the NASDAQ National Market.

major2004-12-28

AFC sells Church's Chicken to focus solely on Popeyes

AFC Enterprises completes the sale of Church's Chicken to an affiliate of Atlanta private equity firm Crescent Capital Investments (later renamed Arcapita) for about $390 million, retaining only Popeyes. The divestiture simplifies the corporate structure but removes a diversification buffer. Popeyes is now the sole brand generating franchise fees, increasing pressure on franchisees to perform.

critical2007-11-01

Cheryl Bachelder named CEO, begins turnaround

Cheryl Bachelder becomes CEO of AFC Enterprises after the company had cycled through four CEOs in seven years. Same-store sales had been falling for years, restaurant volumes and profitability were at 'dangerously low levels', franchisee relations were strained, and the stock traded around $13. Bachelder implements a 'servant leadership' philosophy focused on rebuilding franchisee relationships, laid out in a plan called the Roadmap to Results.

minor2014-01-21

AFC renamed to Popeyes Louisiana Kitchen, Inc.

AFC Enterprises renames itself Popeyes Louisiana Kitchen, Inc. and changes its NASDAQ ticker from AFCE to PLKI. The rebrand reflects the company's single-brand focus and Bachelder's strategy of investing in the Popeyes identity. At the time Popeyes operates and franchises 2,225 restaurants, and about 60% of the system has been remodeled, mostly paid for by franchisees out of cash.

minor2014-09-04

Popeyes franchisee pays $25,000 to settle EEOC HIV discrimination suit

Famous Chicken of Shreveport, a Popeyes franchisee, agrees to pay $25,000 and provide ADA training for all managers, area supervisors and HR staff to settle an EEOC lawsuit. The EEOC charged that the general manager of a Longview, Texas location refused to hire applicant Noah Crawford, who had years of fast food experience including as a general manager, after learning he was HIV-positive.

critical2017-03-27

RBI acquires Popeyes for $1.8 billion

Restaurant Brands International, backed by Brazilian private equity firm 3G Capital, completes its $1.8 billion acquisition of Popeyes Louisiana Kitchen at $79 per share in cash (agreed February 21, 2017). CEO Cheryl Bachelder steps down, and Popeyes joins RBI's franchise-fee model alongside Burger King and Tim Hortons.

major2018-07-23

Detroit Popeyes shut down after viral hygiene video

A Popeyes employee posts Facebook footage from the Gratiot Avenue location in east Detroit showing insects, reused dirty dishes, water-covered floors, and other unsanitary conditions. The viral video generates over 100 customer calls. The Detroit Health Department closes the restaurant the next day, citing violations including soiled dishes, food stored above safe temperatures, and rotting wood structures.

minor2019-08-02

South Philadelphia Popeyes cited for mouse droppings and roaches

A Popeyes at Broad and Snyder in South Philadelphia is cited by health inspectors for violations including mouse droppings, roaches, and flies inside the restaurant. Employees are also found not following proper handwashing procedures. The inspection triggers additional scrutiny of the location's food safety practices.

critical2019-08-12

Popeyes chicken sandwich launches, sells out in 15 days

Popeyes launches its fried chicken sandwich nationwide on August 12, 2019. A viral Twitter battle with Chick-fil-A generates an estimated $65 million in equivalent media value. The sandwich sells out about two weeks after launch, after Popeyes sold as many as it expected to sell through the end of September. After its November return, U.S. comparable sales jump 38% in Q4 2019, but the explosive demand exposes operational fragility and strains franchise labor.

critical2019-11-04

Customer fatally stabbed in chicken sandwich line dispute

Kevin Tyrell Davis, 28, is fatally stabbed outside a Popeyes in Oxon Hill, Maryland, after a dispute over line-cutting for the chicken sandwich. The suspect, Ricoh McClain, is later convicted and sentenced to 22 years. The incident becomes national news and symbolizes the chaotic customer experience during the sandwich craze, raising questions about store-level staffing and crowd management.

major2021-06-17

Popeyes launches first-ever loyalty rewards program

Popeyes launches Popeyes Rewards, its first loyalty program, integrated with its mobile app and website. Members earn 10 points per dollar spent on digital orders. The program creates mild lock-in through app-exclusive deals and expiring point balances (180 days of inactivity). Digital sales already constitute 17% of U.S. sales at launch.

major2021-11-15

RBI acquires Firehouse Subs for $1 billion

Restaurant Brands International acquires Firehouse Subs for $1 billion in an all-cash transaction, adding a fourth brand to its portfolio alongside Burger King, Tim Hortons, and Popeyes. The acquisition further concentrates QSR market power under the 3G Capital-backed holding company, expanding RBI's systemwide restaurant count and franchise fee base.

minor2022-07-29

Class action alleges Popeyes chicken tenders are falsely advertised

Natasha Sanders files a class action in the U.S. District Court for the Eastern District of New York alleging Popeyes misleads consumers into believing its chicken tenders are made from chicken tenderloin when they are actually made from breast meat. The lawsuit claims unjust enrichment and violations of New York General Business Law, noting that competitors like KFC and Tyson use actual tenderloins in their tender products.

major2022-08-16

Popeyes chicken sandwich price jumps 22% in a year

Edison Mail data on online orders show the average price of Popeyes' Spicy Chicken Sandwich rose 22% year over year, from $3.92 in July 2021 to $4.80 in July 2022, and 13% since January 2022, a steeper rise than McDonald's or Chick-fil-A sandwiches and above the 10.9% rise in overall food prices.

major2023-03-01

Joshua Kobza named RBI CEO, replacing Jose Cil

Joshua Kobza becomes CEO of Restaurant Brands International on March 1, 2023, replacing Jose Cil. RBI's 2024 proxy reports Kobza's 2023 total compensation at about $29 million, mostly performance stock units granted on his promotion, a ratio of 919 to 1 against RBI's median employee.

major2023-05-02

Federal court orders Harrisburg Popeyes owner to stop intimidating workers

A federal court issues a preliminary injunction against Jonestown Rd Chicken LLC, owner of a Popeyes in Harrisburg, Pennsylvania, and its district manager. According to the DOL, the district manager cursed loudly at Wage and Hour investigators, acted aggressively and slammed doors when they arrived, and management kept employees away from investigators. The court bars the franchisee from threatening workers, harassing investigators, and obstructing the ongoing wage and hour investigation.

major2023-05-18

Oakland Popeyes workers strike over child labor violations

Workers at a Popeyes in Oakland, California, go on strike after filing complaints with the California Labor Commissioner and Cal/OSHA alleging a 13-year-old girl worked 40-hour weeks and until midnight, teens were hired without being asked for work permits, and employees faced denied breaks, unpaid overtime and sexually explicit comments. Popeyes says it immediately shut down the franchisee's restaurant and opened an investigation.

major2023-08-05

Popeyes shrinkflation complaints spread online

Popeyes is among the fast food chains drawing shrinkflation complaints as food costs rise. A Redditor reports Popeyes sauce cups shrinking from 1 oz to 0.9 oz, and customers post photos of chicken wings barely larger than sauce packets, sandwiches with more bread than chicken, and side portions that don't reach the top of their containers.

major2023-09-21

Memphis Popeyes shut down after viral roach infestation video

A Memphis, Tennessee Popeyes on Showcase Boulevard is shut down after former employee Tykeia Ransom posts videos showing roaches in the kitchen, on floors and counters, and in pre-cooked food. The health department scored the restaurant 98 the day after the video was posted, but Popeyes closed the location for cleaning and retraining. Ransom, who says she reported the roaches to her manager, lost her job after posting.

D10D1D9
WREG ↗
major2023-10-04

Popeyes surpasses KFC as #2 U.S. chicken chain

Popeyes overtakes KFC as the No. 2 U.S. chicken chain by market share, according to Barclays research. Both lost share over the year: KFC fell from 16.1% to 11.3% and Popeyes from 15% to 11.9%, while Chick-fil-A grew from 38.3% to 45.5%.

major2024-02-06

Michigan Popeyes fined $48K for child labor violations

A Popeyes franchise in Troy, Michigan (Michigan Multi-King Inc.) is assessed $48,251 in civil money penalties after DOL investigators find 63 teens ages 14 and 15 worked more than 18 hours in weeks when school was in session and/or later in the evening than federal child labor rules allow.

critical2024-02-07

California franchisee pays $212K over child labor and overtime violations

14th St. Chicken Corp, operating three Popeyes locations in Oakland, Tracy, and Newark, California, pays about $212,000 in back wages, damages and penalties after a DOL investigation finds children as young as 13 working illegally, minors working later and longer than permitted, and workers denied overtime pay. This is the third time the Oakland-based franchisee has been cited for Fair Labor Standards Act violations, after cases in 2003 and 2022.

minor2024-05-07

Pennsylvania Popeyes ordered closed by health department

A Popeyes on Steubenville Pike in Robinson Township, Pennsylvania is ordered closed by the Allegheny County Health Department after an inspection finds eight violations, including repeat violations for not properly washing and sanitizing dishes (pans and lids marked clean had grease and food debris) and no hot water at restroom hand sinks. The restaurant reopens two days later.

major2024-06-01

California class action alleges forced unpaid breaks

Jose Mendoza Gonzalez files a class action against EBI Enterprises Inc. in Los Angeles Superior Court, alleging Popeyes employees were required to work through lunch and rest breaks without pay, denied overtime for shifts exceeding eight hours, provided confusing wage statements, and not reimbursed for work-related purchases like dish detergent.

critical2024-11-26

Massachusetts AG settles child labor case with Popeyes operators for $212K

Massachusetts Attorney General Andrea Joy Campbell announces a settlement with Popeyes franchise operators Amish and Ashish Parikh, New Jersey-based owners of 19 Massachusetts locations, issuing $212,516 in citations including restitution and penalties. The AG alleged they scheduled minors during prohibited hours and beyond daily and weekly hour limits, and failed to let three workers use earned sick time. The same release announced $2 million in citations against a Burger King operator.

major2025-02-12

RBI launches mandatory equipment modernization and remodel program

RBI announces all U.S. Popeyes locations must adopt cloud-based POS systems, kiosks, digital drop charts, and upgraded kitchen equipment within 22 months. 85% of franchisees commit to amend franchise agreements allowing higher marketing spend (from 4.5% to 5%, eventually 5.5%) and mandatory remodel programs through 2030. RBI offers a $4,000-per-restaurant credit to offset initial costs.

critical2025-05-26

Canadian supplier sues Popeyes for $35M over unsafe chicken

Former poultry supplier ADP Direct Poultry sues Popeyes, RBI and its supply-chain manager for $35 million, alleging Toronto-area franchise locations bought chicken from an unauthorized supplier, Amjad Farooq Inc., which stored meat in residential garages without proper refrigeration. The claim describes some of the chicken as 'rotten or expired, and unfit for human consumption.' Popeyes says it found no evidence to support the allegations. Seven of the 27 locations later linked to the suit were operated by Irfan Memon, whose companies went into receivership in October 2025.

major2025-09-25

Popeyes sues Iowa franchisee for operating after termination

Popeyes files a federal lawsuit against former franchisee JAM Equities and owner Asif Poonja for continuing to operate five Iowa restaurants (Des Moines, Waterloo, Coralville, Dubuque and Cedar Rapids) under Popeyes branding after their franchise agreements were terminated in August 2025. Popeyes had sent warnings over food safety and brand standards since October 2024, and all five stores failed follow-up inspections. The lawsuit seeks to stop use of the brand and bar the owner from operating restaurants within 10 miles for two years.

critical2025-10-10

14 Ontario Popeyes franchises enter receivership over unpaid wages

Fourteen companies controlled by Toronto-area franchisee Irfan Memon, each operating a Popeyes, are placed into receivership at the request of lender Meridian Credit Union, with debts totaling about $10.8 million. Popeyes had terminated his franchise agreements in September after employees protested unpaid wages at multiple locations; one employee said staff were five paycheques behind with cheques bouncing. Popeyes had sent default notices in January 2025 over repeated failures to pay employees.

minor2025-12-20

Iowa franchise workers report ongoing payment failures

Workers at three Iowa Popeyes locations owned by Jam Equities report bounced checks and missing wages even as the franchise owner faces a June 2026 deadline to sell the restaurants. The payment issues persist after the legal settlement with Popeyes corporate, demonstrating how the franchise model externalizes worker harm to financially distressed operators.

critical2026-01-15

136-unit franchisee Sailormen files Chapter 11 bankruptcy

Sailormen Inc., one of Popeyes' largest franchisees with 136 locations in Florida and Georgia, files for Chapter 11 bankruptcy protection citing $129 million in debt. The company blames pandemic impacts, inflation, rising labor costs, and increased borrowing expenses. Sailormen immediately closes 17 locations. The bankruptcy follows the failure of a planned sale of 16 Georgia restaurants to Tar Heels Spice.

Evidence (33 citations)

D1: User Value Erosion

D3: Shareholder Extraction

D5: Twiddling & Algorithmic Opacity

Popeyes Debuts First Loyalty ProgramNation's Restaurant News · 2021-06-17

D7: Advertising & Monetization Pressure

Scoring Log (5 entries)
fact-audit2026-10-01FABRICATION FOUND

Checked 84 items (38 timeline, 37 evidence, 6 milestones, 3 alternatives) + prose. 26 verified, 39 corrected (20 date-only), 14 re-sourced, 5 removed (4 junk/unsupported evidence, 1 distorted timeline item). Invented (contradicted/junk-only): IPO '$143M' (10-K: $17 IPO of ~$183M, company net $46M); Bachelder-era '2,000%+ returns' (stock ~$13 to $79); Chipotle's 2021-22 price hikes attributed to Popeyes (Yahoo Finance); Harrisburg franchisee called 'Oakland-based, third citation' (DOL release); sandwich share 10.3%->25.1%/Chick-fil-A 33.3% (Osum only); Massachusetts '$2M+ / 2,000 employees' (Mass AG: Burger King operator; Popeyes $212,516); '$400K EBITDA' (RBI: $255K); NCIB '7% of outstanding' (10% of float); Q4 2024 comps '-4.9%' (RBI: +0.1%); '$1.5B returned annually' (RBI: ~$1.0B 2024). Also fixed year drift (Ontario receivership/supplier suit 2025, Sailormen 2026, loyalty launch 2021, EEOC 2013/2014), Glassdoor 3.3/43%, Iowa 5 not 7 stores, Robinson violations.

narrative-gap-fill2026-03-11

Added 2 missing dimension narratives (d4, d5)

Deep Enrichment2026-03-07
Alternatives Review2026-02-21GOOD
Initial Scoring2026-02-19