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What the private equity takeover means for the bagel industry
The bagel’s stock is, apparently, rising — literally.
Private equity investors have decided, apparently en masse, that bagels are the new frontier for expansion.
A fund called Stripe invested $8 million into PopUp Bagels shortly after the trendy bagel shop, which hawks “rip and dip” bagels, first opened in 2023. A year later, they added $24 million to their contribution and became the majority owner. Now, PopUp Bagels boasts 30 locations.
Invus, an asset management fund, is now the majority owner of Call Your Mother, which began in D.C. but has expanded to 15 locations across the D.C. metro area and, for some reason, Denver. And Manhattan Funds, a large private equity firm, has a specific Bagel Equity Fund devoted to taking over bagelries. The industry is, they write on their site, “under-optimized at the national level.”
Even H&H Bagels, the iconic New York City institution — famed for its cameos in shows like Seinfeld and Sex in the City — has gotten shoveled onto private equity’s giant bagel baking tray. Though Wall Street investor Jay Rushin bought the brand over a decade ago, H&H, too, is beginning its boom era, opening dozens franchises outside of the city.
It’s time, these investment firms all contend, to scale bagels. But can the art of the perfect New York bagel be scaled?
Making the New York bagel in bulk is famously hard. The rings are finicky to roll out, they require boiling, and — perhaps most importantly — the long mythos to the New York bagel has at its core the premise that New York bagels cannot be made without New York water.
Many connoisseurs believe there is an alchemical process to the sought-after chew and crust only achievable with the particular water flowing in the city’s pipes, cascading down from the Catskill reservoirs almost unadulterated. Food science has somewhat debunked that concept, but the legend remains so strong that H&H is promising to par-boil its bagels in NYC water before shipping them to its new franchise locations to be finished in the oven. Even if it’s only marketing, that marketing is powerful.
This is far from the first time that companies have attempted to scale the bagel. In fact, it has worked, in a way: “bagels” can be found, at mass scale, in every major grocery store in the country, offered in plastic sleeves of a half-dozen.
The problem is that those bagels are gross. They’re made by machine, and steamed instead of boiled, which gives a glossy surface, yes, but none of the chew of a true boiled crust. The grocery store bagels are convenient and shelf-stable, sure, but they’re the Wonder Bread of the form: mushy and milquetoast. They have none of the hallmarks of a true bagel.
It’s possible that the private equity masterminds have landed on a secret to scaling the bagel without eventually reducing it to a wan grocery store offering. The results of the Wall Street takeover of the form are still emerging, and the business model could be dependent — at least at first — on devising the perfect product, and not just a passable one.
It just seems unlikely. The investment firms are built around, well, investors, not consumers. Their goal is producing equity and capital for their investors, not making the perfect bagel.
The term “enshittification,” coined by writer Cory Doctorow, has been around for a few years. It describes exactly what it sounds like — the phenomenon of everything growing, uh, worse. Specifically, it describes the way that large companies, often funded by venture capital and private investors, make their products worse over time in the process of wringing money out of the business to serve their CEOs and investors.
Doctorow, in his book on the subject, Enshittification, focuses largely on tech platforms as he examines the term. There’s Amazon: Long gone are the days of a well-priced product you could find more easily online than in a store. Now, search results are polluted by whatever someone has paid to boost to the top of the page, and it’s not even that cheap anymore. Or Twitter, which once bought by Elon Musk, fired its content moderation team to cut costs and turned its user verification, which was once limited to public figures, into a pay-to-play feature. As a result, the platform may have more income streams, but any regular user can attest that their feed is now full of neo-Nazis who shelled out for an algorithmic boost.
But it’s not just platforms — culture and aesthetics are targets for cash extraction now, too, with bad results. Netflix now churns out a constant stream of shows that are, instead of cultural touchstones, basically interchangeable, a far cry from their acclaimed early efforts like Orange is the New Black. Clothing brands like Reformation and even high-end designers like Escala, once symbols of luxury, taste and quality, are turning to lower quality materials and production in an attempt to churn out more designs, faster, and make more money. I’m trying to buy a couch right now, and have found through my research that age-old companies once lauded for their design and durability have been bought by private equity and changed their frames from hardwoods to particle board. (That information took a lot of research because you know what else has fallen prey to enshittification? Review sites.)
That means, regardless of whether these bought-out businesses have suffered yet, bagels are likely to fare poorly in the private equity boom eventually because of the need to extract increasing amounts of cash out of the project; the product itself is ultimately secondary. The Bagel Equity Fund is running trials on steaming their bagels instead of boiling them in its projected 400 shops it runs, the exact strategy that led to the mushy grocery store bagel. And a Washington Post review for the hyped new H&H location in D.C. was brutal, calling the bagels “generally unappealing” and “flavorless.”
But the bagel itself is only part of the mystique of the food. Which brings me to the more spiritual offerings of a good bagel: an ephemeral cultural cachet. That may be at even greater risk.
Having a favorite bagel shop or loudly defending your bagel order as the only possible correct way to eat a bagel — untoasted, scallion schmear, with capers, red onion and lox, and anything else is heresy, thank you for asking — makes you a real New Yorker. Or, if you don’t live in New York, it’s the mark of a devout cultural (and maybe religious) Jew.
Other, earlier attempts to innovate on the theme, and make it trendier and more lucrative, were all one-and-done fads that eventually crashed and burned, becoming a kind of scarlet letter of cringe. (Remember the vanilla-flavored rainbow bagels that were all over social media in the 2010s? They came with funfetti cream cheese. Disgusting, and also deeply uncool.)
Bagel shops are not just places that produce chewy bread with a hole in the center. They have a cultural value. Each is often unique, with its own set of delightful quirks — the place selling Lactaid loosies behind the counter, the brusque man who nevertheless remembers your order. They’re a symbol of uniqueness and authenticity — which, of course, is definitionally impossible to buy. The more constructed something is, the less authentic.
Yet that’s really what the private equity investors are trying to monetize: the idea of a bagel. If it didn’t have that symbolic power, it wouldn’t be a particularly interesting business, given how difficult the baking is to scale well.
The Bagel Equity Fund describes its target market as “fragmented, inconsistent, and devoid of a dominant brand.” But isn’t that the charm of your local bagel place? Not to those investors, which promise to rebrand every store they take over as “Go Bagels,” likely alienating the exact “strong customer bases and community presence” at the stores they aim to acquire.
Bagels have long been a metonym both for New York and for Jewishness. See: the phrase “pizza bagel,” describing people of mixed Italian and Jewish heritage. Good bagels inspire poetic food reviews — and literal poetry — but also lengthy cultural takes. There are dissertations on its history — and I don’t mean that as a kind of humorous exaggeration, I mean actual papers filed to receive a doctorate.
They were also core to unionization of American workers. The Beigel Bakers Local, which conducted its meetings in Yiddish, led strikes over pay and conditions, and standardized the bagel’s form into the icon we all know. That union was so powerful that its members put the city, during strikes, into what is memorialized as a “bagel famine” — a near-emergency for the city’s devoted consumers. The bagel and its attendant culture is a product of the blood, sweat and tears of New York City’s Jewish workers.
The union was ultimately undone by the mechanized mass production of grocery store bagels — an inferior product, yes, but one accessible at a mass scale, exactly what private equity is attempting to reproduce. The fact that a paltry imitation of a bagel still had enough financial power to destroy a once-powerful union is also worrying. People in cities other than New York — cities, that is to say, with a poor selection of bagels — will probably eat the sub-par private equity bagels, because there’s no other option, a key element of enshittification, as Doctorow observes.
But once the big conglomerates have the power, will they be so strong that the bagels they produce take over even on the bagel’s home turf? Will they exterminate the original New York bagel, and with it, its cultural history?
I don’t want to overstate the symbolic power of private equity buying the bagel brand. But at a time when antisemitism is rising, and Jews are increasingly being accused of, once again, greed, malicious control and undue influence, it certainly can’t help. If the bagel represents Jews, and the bagel has sold out, well, that’s a bad look.
But the real deal can still shine through the enshittification haze. “I just stayed in Brooklyn for the first time and felt so alive surrounded by all those bagel shops!” wrote one user on Reddit. They were there to complain — about Denver’s newest private equity bagel. Clearly, the New York bagel’s brand remains strong, even to outsiders.
The post What the private equity takeover means for the bagel industry appeared first on The Forward.
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Bret Stephens, a stalwart Israel defender, calls out ‘Jewish terrorists’ in West Bank
(JTA) — Bret Stephens, the Pulitzer Prize-winning New York Times columnist known as one of the paper’s most consistent defenders of Israel, used his Tuesday column to take direct aim at the country’s handling of settler violence in the West Bank — warning that unchecked attacks now pose a threat to Israel’s security and to Zionism itself.
Stephens, who has spent years pushing back on what he sees as double standards applied to Israel, wrote that he decided to speak out against what he called “Jewish terrorists” despite his reluctance to feed the volume of global condemnation facing Israel.
“That’s not only because the terrorism is a menace to Palestinian lives and property, or an affront to Jewish ethics, or a stain on Israel’s reputation — though it’s all those things,” he wrote. “It’s also a direct threat to Israel’s security and statehood, and thus to Zionism itself.”
Stephens’s column drew heavily on a public letter sent Sunday to President Trump by Matan Vilnai, a retired IDF deputy chief of staff, on behalf of Commanders for Israel’s Security, an organization representing hundreds of retired senior Israeli officers. The letter cautioned that Israeli security services have been effective against Palestinian terror groups but hamstrung when it comes to curbing Jewish extremists. The letter warned about the consequences of Israeli inaction in curbing attacks on Palestinians.
“Unless arrested swiftly and decisively, escalating violence in the West Bank is poised to ignite the region and carries severe ramifications for both Israeli security and U.S. regional interests,” wrote Vilnai.
Stephens pointed to last week’s rampage by extremist settlers through several Palestinian villages — attacks that reportedly included arson at a home and two mosques and an assault on a stonecutting factory — as evidence the problem has become routine rather than exceptional. He cited Israeli military figures showing nationalistic and settler-related crimes climbed to 867 incidents in 2025, up from 682 the year before.
Stephens also cited Eran Shamir-Borer of the Israel Democracy Institute, a former IDF legal official, who told him the government has specifically declined to place suspected Jewish settlers under administrative detention. The practice, imprisoning individuals without formal charges, is regularly deployed against suspected Palestinian terrorists.
The columnist dismissed Israeli Prime Minister Benjamin Netanyahu’s public framing of the violence as the work of roughly 150 “juvenile delinquents,” as he did in an interview with NBC earlier this month. Stephens argued that a government capable of eliminating a Hamas commander deep inside Iran cannot plausibly claim it’s unable to rein in a few hundred vigilantes.
Stephens is known, and widely admired within the pro-Israel community, for his robust defense of Israel, from refuting the charge of “genocide” directed at Israel to condemning what he has called the “hyperbolic and often conspiratorial hatred of the country.” Editor of the conservative Jewish thought journal Sapir, Stephens was also chosen to give the annual “State of World Jewry” address at the 92nd Street Y earlier this year.
“I think it is really important that people like Bret Stephens are speaking up about settler violence, and I think that it also shows how terrible that it’s become,” said Rabbi Jill Jacobs, CEO of T’ruah: The Rabbinic Call for Human Rights, in an interview with JTA. “Even people who are pretty, let’s say, hesitant or who almost never criticize Israeli policy are speaking up.”
But she also suggested that the issue goes beyond a failure to enforce the law or hold settlers accountable, and instead reflects the priorities of Netanyahu’s right-wing government.
“This is actually government policy because this is violence that is designed to take more and more of the West Bank,” said Jacobs. “There’s already been not just violence, but expulsions, shoving Palestinians to smaller and smaller areas and, ultimately, annexing the West Bank or at least as much of it as possible.”
Liberal Jewish groups like T’ruah, including Torat Zedek and Bnei Avraham in Israel and the U.S-based groups Smol Emuni, J Street and New Israel Fund, regularly condemn the settler violence and call on Israeli security forces to hold the perpetrators accountable. They also take part in “protective presence” visits to the West Bank in solidarity with Palestinians threatened by Jewish settlers.
The largest Jewish organizations have been less vocal on the topic, although the American Jewish Committee and the Union for Reform Judaism have issued statements condemning settler violence.
Right-leaning groups have either downplayed the extent of the violence or say Jews living in the West Bank have been provoked by neighboring Palestinians. On the same day that Stephens’s column appeared, the media watchdog group HonestReporting ran an article saying that the major news outlets disproportionately focus on settler violence, and run many fewer articles about Palestinian attacks on Jewish civilians. It also cited official Israeli data suggesting that violence by Jewish civilians in the West Bank had declined significantly since March.
Nevertheless, Stephens appeared to be echoing a growing sentiment even on the right that the settler violence is both wrong and a black eye for Israel at a time when its reputation is suffering around the world.
“I don’t think there are many supporters of Israel in the U.S. who are happy with how Israel has handled, or really mishandled, settler violence,” said David E. Bernstein, a professor at George Mason’s Antonin Scalia Law School and a frequent commentator on Jewish affairs, in an email exchange with JTA. “To me, it’s anti-Zionist to allow settlers to flout the law and public policy, whether by violence or by setting up illegal outposts, because Zionism means accepting the legitimacy of the Israeli state, and radical settlers who don’t are no different than extremist Haredim [Orthodox] in not doing so.”
Last week, Israel’s Channel 13 reported that the government had approved a plan in March to tackle violence by extremist settlers but kept the plan secret due “to political considerations.” The report didn’t say whether the plan has been implemented.
The post Bret Stephens, a stalwart Israel defender, calls out ‘Jewish terrorists’ in West Bank appeared first on The Forward.
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Netanyahu drags Mamdani into his reelection campaign as face of antisemitism
For nearly two years, Zohran Mamdani has made Israeli Prime Minister Benjamin Netanyahu a central political target. Now Netanyahu is making Mamdani part of his own reelection campaign.
The 50-second video released Wednesday on Netanyahu’s political social media channels builds on comments the Israeli leader made on Fox News this week, portraying Mamdani as the face of a worldwide surge of antisemitism directed at Israel. It intersperses footage of pro-Palestinian demonstrations and antisemitic incidents with recent clips of Mamdani condemning Israel’s conduct in the Gaza war after the mayor backed off a vow to have the Israeli prime minister arrested during an upcoming visit to New York. It also features Mamdani’s wife, artist Rama Duwaji, who liked social media posts that supported Palestinians immediately after the Oct. 7, 2023 attacks. (Mamdani said his wife is a private citizen and does not work in his administration.)
The clip ends: “No one will stop me from fighting for the truth of Israel.”
The video comes as Netanyahu faces one of the toughest reelection campaigns of his political career, trailing his rivals ahead of Israel’s Oct. 27 election, which could determine not only his political future, but also his legacy and potentially his freedom as he faces a corruption trial.
The fight with Mamdani has become politically useful for Netanyahu. His main rivals — former Israel Defense Forces chief Gadi Eisenkot and former Prime Minister Naftali Bennett — are seen as more moderate leaders who could rebuild strained ties with Democrats and win back support for Israel among Americans.
Joel Rubin, a Democratic commentator and foreign policy expert, said in an interview that turning Mamdani into a symbol of today’s Democratic Party gives Netanyahu a way to challenge one of his rivals’ central arguments that they are better positioned to course-correct the U.S. political shift against Israel. “For Netanyahu, it’s very important to try to portray the Democrats as Mamdani and make the argument that only he can stand up to that,” Rubin said.
Mamdani has positioned himself as a prominent progressive critic of Israel amid the war in Gaza, a position that helped propel his rise and which has become increasingly part of national Democratic Party politics.
Mamdani’s high-profile confrontation with Netanyahu escalated when he announced a review of whether he had the legal power to arrest the Israeli prime minister when he visits the city for the United Nations General Assembly in September. Experts on Israeli politics warned of an unintended consequence: would allowing Netanyahu to cast himself once again as Israel’s defender against international efforts to isolate the Jewish state.
“Many Israelis are sick of him and hope to vote him out,” Former U.S. Ambassador to Israel Dan Shapiro wrote on X on Saturday. “The only possible outcome of a fruitless attempt to arrest him in NYC would be to give him a political boost at home. That would be an own goal.”
Some political strategists argue that Mamdani and his allies have little reason to mind if Netanyahu remains in power. “I bet they’re rooting for Bibi, in a perverse way,” said Matt Bennett, co-founder and executive vice president of the centrist Democratic think tank Third Way, in an interview with the Forward discussing how Israel is reshaping Democratic politics.
While still serving as a New York state Assembly member, Mamdani zeroed in on the Israeli prime minister as an enemy, leading chants of “Netanyahu, you can’t hide, we charge you with genocide,” during a protest in Oct. 2023.
Throughout his mayoral campaign last year, Mamdani repeatedly injected Netanyahu into New York politics., Mamdani first pledged to arrest Netanyahu shortly after he launched his campaign. According to a report, members of Mamdani’s inner circle were pushing for him to make this arrest declaration. After his election, already knowing the city lacked the authority to arrest Netanyahu, Mamdani proceeded with the review. When it concluded he did not have the power to arrest Netanyahu, Mamdani used a mayoral address to declare him a war criminal and then encouraged New Yorkers to protest him on his UN visit. Critics say the episode was a calculated political move aimed at energizing the pro-Palestinian and progressive base that helped elect him.
“There is a core principle amongst the left in American politics that having someone to organize against is crucial to growing numbers and persuasion, and for Mamdani, having the foil of Netanyahu is an incredibly valuable tool for motivating support,” said Rubin, who led Jewish outreach for Bernie Sanders’ 2020 presidential campaign.
Whether that principle translates into votes for Netanyahu’s coalition in Israel’s Oct. 27 election remains to be seen. At the moment, Mamdani and Netanyahu have become unlikely political assets for each other, each giving the other a powerful opponent to campaign against.
The post Netanyahu drags Mamdani into his reelection campaign as face of antisemitism appeared first on The Forward.
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As Conservative rabbis, we’re rethinking our communities’ policies toward interfaith families
(JTA) — As Conservative/Masorti rabbis, we see firsthand the joy of couples building a life together in the Jewish community, and the pain of those who feel shut out because one of them is not Jewish.
We think of the community member, though not Jewish, who developed a profound love for davening (prayer) and Torah study, and has supported his children’s and grandchildren’s Jewish education and observance of mitzvot. We think of another community member who faithfully drove her four children to Hebrew school for years and, after her youngest child’s bat mitzvah, chose to convert to Judaism herself.
It is time for our halacha, or Jewish law, to address issues facing intermarried couples and families robustly.
The two of us had the honor of joining colleagues in co-authoring a teshuvah — a rabbinic response to questions of Jewish law — that does just that. The Rabbinical Assembly’s Committee on Jewish Law and Standards has approved a teshuvah that seeks to honor these couples and families and their commitment to Jewish life in our congregations and communities.
Since we are part of a movement that balances a commitment to halacha with the realities of modern life, our work is grounded in traditional Jewish texts, laws and principles while also reflecting the core belief that welcoming others and extending hospitality are essential Jewish values.
Based on halacha and Jewish tradition, the teshuvah affirms the longstanding standard of Conservative/Masorti rabbis that clergy may officiate only at weddings where both partners are Jewish. It emphasizes that while a wedding is a significant moment that often singularly drives these conversations, there are many other important life-cycle moments that rabbis can offer as occasions for Jewish celebration and reaffirmations of commitment to mitzvot.
Through this teshuvah, we formalize a public mishebeirakh (blessing) before or after the wedding day for a couple committed to building an exclusively Jewish home, as well as a hanukkat habayit ceremony to dedicate their home.
We welcome non-Jewish parents on the bimah during their children’s b’nei mitzvah and offer “mazal tov” and other basic gestures of inclusion to intermarried couples, both of which were once considered unacceptable. Our goal in doing so is to inspire the couple and family to grow in Jewish living.
We affirm that synagogues may not hire intermarried individuals as clergy but may hire intermarried individuals for other roles, and that rabbis may officiate at funerals for non-Jewish family members and support a Jewish mourning process when a non-Jewish loved one dies.
It’s been about 40 years since the Committee on Jewish Law and Standards, which sets halachic policy for our movement internationally, broadly addressed questions around intermarried couples and families. We have learned over time that those intermarried couples who choose to embrace Jewish life are integral to the fabric of Conservative/Masorti communities.
We invite these couples to engage meaningfully in Jewish practice at home and in community, and, if they are having children, to raise them as Jews. Sometimes they may even choose to convert to Judaism at some point.
We do so because, as rabbis, we enjoy the privilege of being invited into people’s lives, and our role is both pastoral and educational. As people figure out their own identities and relationships, our role is to help them integrate Jewish tradition. As couples turn toward each other and seek to integrate Judaism into their lives, we are here to help them chart a course and to bring Torah into the conversation and observance of mitzvot into their lives.
We aim to inspire the couple to grow in Jewish living, observing mitzvot, studying Torah and searching for God in daily life. To do so, we must create gateways so everyone can find a place to learn and find joy and inspiration in our traditions, within the boundaries of halachic standards and principles.
Many of the practices in the teshuvah are already in place in some communities. Some offer solutions that speak most directly to realities in North America, and we call on local rabbis to interpret them in light of the circumstances in their local communities.
In the days of the Mishnah and the Talmud, when faced with new and challenging circumstances, our rabbis found creative and often beautiful solutions to embody the Torah as they understood it. As we follow in their footsteps, we use the wisdom we have inherited to both uphold and transform those values and honor the halachic principles that are central to our rabbinates and communities.
The views and opinions expressed in this article are those of the author and do not necessarily reflect the views of JTA or its parent company, 70 Faces Media.
The post As Conservative rabbis, we’re rethinking our communities’ policies toward interfaith families appeared first on The Forward.
