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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.
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A century-old Jerusalem photo album sparks search for forgotten images of the Western Wall
(JTA) — When David Freedman discovered a long-forgotten photo album in his parents’ Montreal basement last year, he found nearly 100 pages of century-old photographs from his grandfather’s year in British Mandate Palestine, capturing Jerusalem street scenes, market stalls and holy sites.
The photographs were not only century-old and in near-perfect condition, but included figures who would later become central to Jewish medical and political history, among them Israel’s future first president Chaim Weizmann, Jerusalem ophthalmologist Abraham Ticho, malaria researcher Israel Kligler, future British prime minister Winston Churchill and Herbert Samuel, Britain’s first high commissioner for Palestine.
David Freedman said he knew he had “struck gold” when he found the album, which had been untouched for decades. “I realized in disbelief I was looking at extraordinary images of Jerusalem,” he said.
Though Freedman said the album showed his grandfather’s “passion for skillful, impromptu photography,” it was images of a site that epitomizes endurance that are having the broadest impact.
Freedman’s pictures of the Western Wall has inspired a public appeal by the Tower of David Jerusalem Museum, which is asking people to look through old albums and attics for photographs, postcards and other visual material that could help expand the historical record of Judaism’s holiest site.
The request comes ahead of a major exhibition opening in 2027 marking 60 years since the 1967 Six-Day War brought the wall, known in Hebrew as the Kotel, under Jewish control for the first time in nearly two millennia.
Although the Western Wall is now one of the most photographed sites in the world, museum curators say the visual record of earlier decades remains surprisingly fragmented, with many of the most intimate images likely still tucked away in private collections and family albums.
“The Western Wall, the Kotel, in its simplest form, is a structure of ancient stones. Yet its true meaning has never resided in the stones alone — it has been shaped and elevated by the countless individuals who have stood before it over the centuries,” Eilat Lieber, the museum’s director and chief curator, said in a statement.
Next year’s exhibition, titled “Eyes on the Wall” and curated by Shimon Lev and Yael Brandt, will be the first large-scale exhibition dedicated entirely to the Western Wall, the museum said, and will trace its transformation over nearly 2,000 years. It will be one of the major exhibitions staged by the Tower of David Museum since it reopened in 2023 after a $50 million renovation of its ancient citadel complex.
The wall, the exposed section of an ancient retaining wall around the Temple Mount, the site of the biblical Jewish temples, has long been Judaism’s most sacred places of prayer and pilgrimage. From 1948 until the 1967 Six-Day War, when Israel captured the Old City and East Jerusalem from Jordan, Jews were barred from going there.
Among its most iconic images was David Rubinger’s photograph of three Israeli paratroopers standing at the wall shortly after its capture, looking upward in a mixture of awe and disbelief. The picture was taken 59 years ago this week.
Abraham Orkin Freedman, a Canadian physician and Zionist activist, took his photographs before the site was so contested. He arrived in Palestine in July 1920, just as Britain was replacing military rule with a civil administration, and stayed until 1922, serving during that period as managing director of Hadassah Hospital. His grandson David, also a doctor, said the album’s timing gives it much of its historical value, with photographs that capture people in the streets, as well as the terrain and buildings of Jerusalem during the nascent years of the British Mandate.
Among the images Freedman uncovered, the one that struck him most was a photograph of women praying side by side with men at the oldest part of the Western Wall, a scene far removed from the gender-separated prayer sections at the site today. The question of mixed-gender prayer at the Wall remains politically charged, with a recent High Court order to advance the egalitarian section followed by Knesset moves to strengthen Chief Rabbinate control over prayer at the site.
After recognizing the album’s significance, Freedman met with his family who decided collectively to give it to the Tower of David Jerusalem Museum for safekeeping, research and public access. Freedman said the family was proud the album had found “a new home, not many meters from where my grandfather once stood.”
Lev said he hoped the appeal would bring more discoveries like Freedman’s into public view, expanding the visual record of the Western Wall beyond official archives.
“There is something profoundly moving in the moment when an intimate private photograph transcends its original purpose and becomes an important historical testimony,” Lev said.
This article originally appeared on JTA.org.
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5th man charged in March arson of London’s Hatzola ambulances
(JTA) — Britain’s Crown Prosecution Service announced Tuesday that an 18-year-old man has been charged in connection with the March arson attack that destroyed four ambulances owned by Hatzola, a Jewish volunteer emergency service.
Subhan Ahmed, a British national, was charged on Monday with “assisting an offender” in connection with the arson.
The ambulances were set ablaze in the early morning of March 23 in Golders Green, a heavily Jewish neighborhood in London. The incident spurred increased patrols in Jewish communities.
The charge is the latest development in an investigation being led by the Metropolitan Police’s counter-terrorism unit.
Four others have already been charged in connection with the attack.
Three British nationals — 20-year-old Hamza Iqbal, 19-year-old Rehan Khan and 18-year-old Judex Atshatshi — along with a 17-year-old dual British and Pakistani national were all charged in April with “committing arson, destroying or damaging property, and being reckless as to whether life would be endangered.”
The four have remained in custody ahead of a trial planned for January. Ahmed, meanwhile, was released ahead of a June 16 court date.
The ambulance arsons came at the early edge of a wave of incidents that have put London Jews on edge and induced the city’s police force to step up their presence in Jewish communities. The incidents have included multiple incendiary devices placed near synagogues as well as the stabbing in April of two Jewish men in Golders Green. The Metropolitan Police reported last week that antisemitic hate crimes in the capital rose 72% in May.
Following the announcement of Ahmed’s charge, the Community Security Trust, a Jewish organization, thanked the police and the Crown Prosecution Service “for their ongoing work investigating this attack and other arson incidents targeting the Jewish community.”
It added in a statement, “These are very serious allegations, and it is right that those responsible are being held accountable.”
This article originally appeared on JTA.org.
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Israel boycott battle intensifies at Venice Art Biennale, testing tradition of inclusion
The anti-Israel protests that disrupted the opening of the Venice Art Biennale continue to escalate, with more than 100 artists and curators declaring last week that they will bring legal action against Biennale authorities if their names are not removed from consideration for what in normal times are coveted awards for best artist and best national exhibition.
It’s just the latest battle between activists seeking to shut down Israel’s art exhibition in Venice and the Biennale’s administration who are committed to keeping it open.
Chaos erupted in the streets on the third day of the biennale’s opening last month as demonstrators engulfed the Via Garibaldi chanting Palestinian liberation slogans during their march toward an art exhibit hosted by Israel, held back by Italian police in riot gear. The demonstration was organized by the Art Not Genocide Alliance (ANGA), a coalition of artists and art industry workers campaigning to ban Israel from participating in the world’s most prestigious art show.
ANGA’s agenda is reverberating throughout the Biennale, which is structured around a main international show that this year is hosting 110 invited artists, 100 national exhibitions and 31 official art shows. Many of the artists now threatening legal action first signed a letter this past March demanding that the directors of the Biennale exclude Israel’s exhibition from the show.
Just before the exhibition opened, the Venice Biennale’s five-member international jury — which oversees the prestigious Golden Lion for best artist and best national pavilion — announced that, in keeping with the spirit of the main international exhibition curated by the late Cameroonian art impresario Koyo Kouoh, who appointed them, it would “refrain from considering those countries whose leaders are currently charged with crimes against humanity by the International Criminal Court” — namely, Russia and Israel.
Belu-Simion Fainaru, representing the Israeli pavilion, reportedly responded by threatening that if he were excluded from consideration for the awards, he would sue the Biennale in the European Court of Human rights on grounds of antisemitism and nationality-based discrimination. Facing potential legal liability, all five jurors took the unprecedented step of quitting. The Biennale administration then announced that the juried awards would be replaced with Visitor Lions Awards, a popular vote by visitors to the show.
It’s that substitute award that the ANGA-allied artists are now renouncing.
There also have been attempts from the other end of the political spectrum to silence artists representing South Africa and Australia because of alleged anti-Israeli biases. Indeed, the 2026 Biennale, which opened on May 9 and runs through November 26, has become a referendum on artistic freedom of expression and on the place in the cultural sphere of the movement to boycott Israel. “Boycott the Genocide Pavilion,” the brochure ANGA demonstrators handed out at their demonstration stated, “For decades, the Venice Biennale has handed Israel an international stage to culturewash its occupation of Palestine,” and stated that in doing so Biennale authorities are helping to “normalize the ongoing decimation of an entire population.”
The president of the Venice Biennale, Pietrangelo Buttafuoco, has refused to cede ground. “Closing the door to some means making openness to others more fragile,” he argued in an impassioned speech announcing the opening of the Biennale’s 61st International Exhibition, adding, “if the Biennale began selecting not works but affiliations, not visions but passports, it would cease to be what it has always been: a place where the world meets, especially when the world is torn apart.”
Serene space
When I stepped into the Israeli exhibition, it seemed to be an invitation to leave behind the fractious world outside. The transcendent artwork, inspired by Paul Celan’s poetry, consists of a large rectangular pool in a tranquil space where the only interruption is the soothing sound of dripping water.
Given Israel’s destructive bombing campaigns, first in Gaza and now in southern Lebanon, presenting Fainaru and his serene artwork to represent the country is a fraught choice. Fainaru lives in Haifa, one of Israel’s most culturally diverse cities, and is a professor at Haifa University, where he told me the rector is Palestinian and more than 50% of his students are Arabs. Fainaru said that his art is about bringing people together and “collective consciousness,” and he argued it should be viewed outside of the political prism that has roiled the Biennale in recent years. “This environment is becoming more and more about boycott, censorship, limitation of freedom, exclusion,” he said, adding “that’s changing the meaning and role of art.”
Some observers who study censorship say the national pavilions at the Venice Biennale have always functioned as cultural diplomacy and in many instances are a form of “artwashing,” a term that refers to the ways that governments and corporations utilize art exhibits to obscure or gloss over unethical policies.
“Clearly they are an attempt to make a country look better, but on the other hand there is something in the art that exceeds the national ambitions,” Svetlana Mintcheva, former director of programs at the U.S,-based National Coalition Against Censorship, said in a phone interview, adding: “It’s counterproductive to censor because it then homogenizes everyone in that particular country as holding particular ideas and that’s not the case.”
The censorship campaign against Israel and Russia took place against the backdrop of the main international exhibition “In Minor Keys,” which emphasizes anti-colonialist themes and the utility of art as a means of reconnecting to local and indigenous practices. The leitmotif of the show, which primarily emphasizes art from the African diaspora, chimes with ANGA’s agenda to give voice to a Palestinian culture that the group claims has been sidelined by Israel’s “colonial expansion.”
Some artworks in the international exhibition address the Palestinian displacement and trauma, while none deal with Hamas’s Oct. 7 massacre or Israel’s wounds.
Gazan artist Mohammed Joha, who signed a March 26 ANGA petition calling for the exclusion of the Israeli pavilion, is exhibiting No Shelter, which the artist made while witnessing the conflict in Gaza. The work consists of collages made from discarded paper, fabric and cardboard intended to call attention to the cycles of destruction and rebuilding that Palestinians endure. Haitian artist Manuel Mathieu’s Genocide portrays a dark sea alongside what looks like pummeled charred flesh. British Ethiopian artist Theo Eshetu’s Garden of the Broken Hearted includes a rotating dais with a live olive tree, a symbol of Palestinian resilience.
And Kouoh and her team gave pride of place in her show to artists who have been victims of Israel’s conflicts. The very first exhibit to greet visitors at the entrance of the massive Arsenale, a brick linear hall serves as the main exhibition space, which t originally was part of Venice’s Renaissance-era ship building complex, features the poem “If I must Die,” by Palestinian poet Refaat al-Areer, which he posted to social media in late 2023, about a month before he was killed along with several of his family members by an Israeli airstrike in Gaza. The poem, which has become a rallying cry for Palestinian activists, sits below a canvas portraying a disembodied face with penetrating eyes against a fractured background by Issa Samb, a Senegalese artist known for his anti-colonial themes.
The subsequent exhibition at the Arsenale is a monumental multi-media installation titled Khalil by Australian artist Khaled Sabsabi, a former refugee from the 1976 Lebanese Civil war. Sabsabi is also representing Australia at its national pavilion in the nearby Giardini fairground.
Khalil, which was originally intended to be displayed at the Australian Pavilion, was intended as a meditation on Sufi mysticism. It consists of digital projections on a canvas painted in acrylic with swirling shapes, accompanied by sonorous background music and the piped in scent of Oud, which is used in Middle Eastern perfumery.
But Kouoh’s invitation to Sabsabi to exhibit at the Arsenale, which she extended after he was temporarily disinvited from showing the work at the Australian Pavilion, appears to have as much to do with his notoriety as it does his artistic merit. Sabsabi’s commission to exhibit at the Australian Pavilion was canceled after conservative Australian members of parliament and right-wing newspapers denounced him as promoting antisemitism and terrorism over work he had produced in the past, notably YOU, a 2007 multimedia piece that portrays multiple images of former leader Hezbollah leader Hassan Nasrallah.
Australia’s Museum of Contemporary Art (MCA), where the You is on permanent display, originally described the artwork on its website as “obscuring Nasrallah’s face with beams of light that shine from his eyes and mouth, suggestive of a divine illumination.” But last year, after Sabsabi was dropped from representing the Australian Pavilion, the MCA engaged in an act of self-censorship by removing the section of text deifying Nasrallah and updating the description of the artwork to inform viewers that: “The Australian Government listed the entirety of Hezbollah as a proscribed terrorist organization in 2021.”
Meanwhile, subsequent larger furor in the international arts community over Sabsabi’s being censored led to an independent review, which resulted in the reinstatement of his invitation to show at the Australian Pavilion, greatly raising his profile.
Another controversial figure is Gabrielle Goliath, the video and performance artist invited to represent South Africa, was the only artist to be officially banned. Elegy, the work she had planned to show, is a performative piece about gender and LGBT violence that has also addressed the killing and displacement of Palestinian women. But Goliath’s commission was canceled and the South African pavilion shuttered by the country’s culture minister Gayton McKenzie, a vocal supporter of Israel, who reportedly deemed Elegy “highly divisive in nature and relates to an ongoing international conflict that is widely polarizing.”
After an unsuccessful lawsuit accusing the South African government of unlawfully revoking her commission, Goliath was relegated to presenting Elegy in a rented church in Venice. This version of the work she exhibited there features eight “funereal screens,” with women singing and commemorating female victims of violence, including a murdered South African student and the Palestinian poet Heba Abunada, who was killed in an Israeli airstrike on Gaza in 2023.
The closing of the South African pavilion didn’t stifle Goliath’s voice and, as with Sabsabi, the controversy over her being canceled may have given her a larger platform. After Venice, Elegy will be traveling to London before moving onto Milan.
It’s difficult to imagine Fainaru’s message of “collective consciousness” finding a similar welcome in arts venues throughout Europe and the United States.
Recent events in Venice and elsewhere suggest that the cultural boycott campaign is gaining momentum, putting freedom of expression under increasing strain. And it’s not just principles that are at stake. Closing Israel’s exhibition in Venice and further marginalizing Israeli artists works at cross-purposes with efforts to achieve mutual understanding and peace in the Mideast. “The price of cultural boycotts is quite high, says Mintcheva of the National Coalition Against Censorship, “because you limit any kind of exchange and you limit understanding of dissent within a country like Israel.”
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