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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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Philadelphia Jewish leaders encouraged by counter-response to ‘boycott bike ride’
(JTA) — When the Jewish Federation of Greater Philadelphia first got wind of a planned “boycott bike ride” of six Jewish- and Israeli-owned restaurants scheduled for Sunday, Nov. 8, its CEO wondered if the result would be “a small pebble” or “a big boulder.”
The protest ultimately drew some 300 bikers. But thanks to communal organizing among dozens of Jewish, pro-Israel and interfaith groups, it was met with an estimated 200 counter-protesters — plus hundreds more who turned up, waiting in hours-long lines, to patronize the affected businesses.
“I honestly had a hard time hearing what the boycotters were saying,” Michael Balaban, the federation head, told the Jewish Telegraphic Agency the day after the protests. They were drowned out, he said, by counter-demonstrators singing Israeli songs.
The restaurants hardly felt any effects from a boycott, Balaban said — all of them sold out of their inventory. At one shop, the mac-and-cheese kiosk Mac Mart, a visitor offered to buy the open box of baking soda its proprietor kept to eliminate pantry odors.
“What was supposed to be a boycott of Jewish businesses turned into a food festival of Jewish businesses,” Balaban said. “I had several people say, ‘I feel safe walking as a Jew today’.”
A left-wing group called Philly Bike On Your Left had organized the event. Its flyer proclaimed, “No business for Zionists!” with the names of six local Jewish-owned restaurants listed with red “No” signs drawn through them. The planned date fell just before the 88th anniversary of Kristallnacht, the “Night of Broken Glass” targeting Jewish businesses and homes in Nazi-occupied Europe, which protest organizers have said was unintentional.
Some of the targeted business owners, including acclaimed Israeli restaurateur Michael Solomonov, had donated to causes including United Hatzalah, the Israeli first responder organization. Others had simply posted online that they were Zionists. Allan Domb, the owner of Schlesinger’s Deli, told the local CBS affiliate that he believed his business was on the list because he had donated to the local federation after the Oct. 7, 2023, Hamas attacks in Israel.
In its rhetoric and conflation of Jewish- and Israeli-owned businesses with the state of Israel, the bike boycott seemed like a perfect storm of the biggest Jewish concerns with pro-Palestinian protests. Yet the sheer audacity of the boycott, which Balaban compared to “the proverbial person poking you in the back over and over again,” spurred a broad show of force from Jews and their allies to fight back.
“A real line was crossed here,” he said. “You want to boycott something going on in Israel, we’re not that far from DC or New York. Go to an embassy, go to a consulate. But to think that someone selling tahini milkshakes or macaroni and cheese has a red phone to the prime minister, that’s just silliness.”
Local authorities speaking to the Philadelphia Inquirer said that three people were arrested and two police officers suffered minor injuries.
Local elected officials also spoke out strongly against the ride, including Philadelphia District Attorney Larry Krasner, a favorite of the progressive movement.
“There is widespread perception that this action is antisemitic,” Krasner, whose father was Jewish, said in a video he filmed from his car prior to the event. “That perception is real.” He cited the timing, the targets and the rhetoric around the event as his reasons for making the determination.
Krasner and Lori Shapiro, Pennsylvania’s first lady and wife of Jewish Democratic Gov. Josh Shapiro, joined state lawmakers who attended a “solidarity lunch” with some of the targeted businesses days prior to the boycott. The Philadelphia Jewish Community Relations Council had organized the event.
On social media following the protests, Gov. Shapiro called the boycott “blatant antisemitic targeting of Jewish-owned restaurants on the anniversary of Kristallnacht,” and said local support of the businesses “prove once again that hate has no place in our Commonwealth.” Pennsylvania Sens. John Fetterman, a pro-Israel Democrat, and Dave McCormick, a Republican, had also condemned the ride.
Among the groups that did support the ride were Faculty for Justice in Palestine chapters at Temple University and the University of Pennsylvania; the local Students for Justice in Palestine chapter; a pro-Palestinian group of Temple law students; and Writers Against the War on Gaza, a literary activist group that previously helped upend leadership at the free-speech organization PEN America over Israel-related statements and actions.
The local Democratic Socialists of America chapter, which had initially promoted the event, said in a statement on Sunday that it “did not and does not endorse the bike ride on Sunday, 11/8.” But the Philly DSA’s lengthy statement went on to accuse the event’s critics of “political repression of anti-Zionism” orchestrated by “organized Zionist lobbying groups.”
Ahmed Moor, a Palestinian writer who on Monday announced his intent to challenge Fetterman for the Democratic nomination in 2028, wrote on X on Saturday that he had spoken to Jewish women on both sides of the protest. Without taking a side, Moor concluded, “Sometimes being a leader means turning the temperature down.”
Though some of the bikers who spoke to media identified themselves as Jewish, local Jewish pro-Palestinian groups were absent from the bike ride’s list of co-sponsors. Neither the Philadelphia chapters of Jewish Voice for Peace nor IfNotNow commented on the ride on their official social media pages, and representatives from both groups did not return JTA requests for comment.
The Nexus Project, an antisemitism watchdog that has criticized what it says is Jewish communal overreach in describing some criticism of Israel as antisemitic, also criticized the ride and its organizers.
“When ‘Zionist’ can cover almost any Jew who has ever expressed even a modicum of sympathy or support for Israel, Jewish business owners are facing a test no one else does: disavow Israel or lose your livelihood,” a statement from the group reads, adding that the organizing groups’ rhetoric “has also crossed the line.”
The Prayers for Peace Alliance, an interfaith pro-Palestinian group in Philadelphia that includes Jews, criticized the boycott in its own statement on Saturday.
“To be effective, boycotts must be targeted toward companies with the greatest complicity in injustice,” the group said. The planned ride, they added, “does not align with the priorities of the anti-genocide and anti-occupation movement.” They added, “The decision to target only Jewish-owned businesses threatens to undermine trust within this broad, intersectional movement, which includes many American Jews.”
Early on, Balaban said, the federation briefly wondered if they should avoid giving the protests much oxygen. They changed their minds after last week’s midterm elections, which Democrats dominated and which, in his mind, elevated candidates who “use ‘Zionist’ as a code word.” He did not specify any.
“Seeing individuals who use anti-Israel and anti-Jewish as part of their platform come into the fold, it was time for us to let loose and push back,” he said.
Philly Bike On Your Left is also planning a follow-up bike protest for this coming Sunday, named “Great Ride of Return,” a nod to the Palestinian right of return. The group had promoted the follow-up ride on social media before the first one took place.
Balaban knows more is coming; he says they’ll be ready. “We know that they’ll be out again, and we’ll be out again.”
This article originally appeared on JTA.org.
The post Philadelphia Jewish leaders encouraged by counter-response to ‘boycott bike ride’ appeared first on The Forward.
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Palestinian-American to challenge John Fetterman for Senate seat in 2028
(JTA) — Ahmed Moor, a Palestinian-American writer who has worked with anti-Zionists, is the first Democrat to challenge Pennsylvania Sen. John Fetterman in the 2028 primary.
Fetterman, who has faced sharp criticism from within the Democratic Party for his staunch support for Israel’s military campaign in Gaza, has yet to announce whether he plans to run in 2028. A defeat or retirement would remove one of the Democratic caucus’s most pro-Israel voices.
Moor, 42, enters the playing field with radically different positions on Israel, and on foreign policy in general, from those Fetterman has promoted. Claiming that the United States “funds wars based on corruption and lies and has turned its back on its own people,” Moor pledged on his campaign website to ensure “this never happens again.”
Moor, born in Gaza, moved as a child to Philadelphia, where he earned his undergraduate degree from the University of Pennsylvania. He completed a master’s degree in public policy from Harvard. He switched from finance to journalism, reporting in Beirut and Egypt for The Guardian and other outlets, and co-editing the book “After Zionism: One State for Israel and Palestine.” He also spent many years in Jordan, where he launched a peer-to-peer lending organization, before moving back to Philadelphia in 2021.
“A few years ago my birthplace was turned to rubble in a genocide funded by our tax dollars,” Moor stated, saying that this has occurred “with the support of politicians on both sides of the aisle who can’t find money for transit or removing asbestos from our schools.”
Moor, who has served on the Philadelphia Democratic City Committee, has never held public office. He says he is determined to address corruption, affordability, foreign policy and constitutional authority, according to The Philadelphia Inquirer, which first reported his candidacy.
Moor told the Inquirer that he was “not really running against Fetterman” but instead “running for the rule of law.” He acknowledged that he would face an “uphill battle” against Fetterman, who took office in January 2023.
Fetterman has irked some fellow Democrats by siding with Republicans on numerous issues, especially on Israel. He has also drawn praise from the pro-Israel community and Israel’s leadership. With Democrats securing a Senate majority of at least 54 seats, including two independents who caucus with the party, Democratic leadership will be less dependent on Fetterman’s vote when the new Congress convenes in January.
This article originally appeared on JTA.org.
The post Palestinian-American to challenge John Fetterman for Senate seat in 2028 appeared first on The Forward.
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Northwestern launches civil rights investigation into club that banned pro-Israel group from its food festival
Northwestern University’s Office of Civil Rights is investigating a club that said it canceled its annual “Cultural Food Fest” after students objected to its initial inclusion of a pro-Israel student group.
Spoon University Northwestern, a student-run food magazine, wrote in an email to students that it was calling off its Nov. 6 food festival because of concerns about the participation of Wildcats for Israel, a club housed within Hillel that describes itself as focused on Israeli culture and society.
“There’s been a lot of disappointment expressed in and around Hillel today,” Michael Simon, executive director of Northwestern Hillel, told the Forward on Friday. “What should be an opportunity for connecting across differences and having really positive engagement got turned into a sort of political catfight.”
Students involved with Wildcats for Israel were initially “really excited” to participate in the fest, Simon said.
But amid student backlash, Spoon reversed course and disinvited Wildcats for Israel, Simon said. In a statement posted to Instagram, Spoon cited “the ongoing genocide in Gaza” to explain the group’s removal.
Yet even that exclusion was not enough for some student organizations. Northwestern’s Asian Pacific American Coalition; Alianza, the Latinx student alliance; and the Middle Eastern North African Student Association, issued a joint statement saying that they were withdrawing from the fest because of the original inclusion of Wildcats for Israel.
“A ‘culture’ born from the active land theft and genocide of Palestinians should not be recognized,” the student groups wrote on Instagram.
Spoon then cancelled the event altogether.
Now, Spoon’s status as an officially registered student organization has been frozen while the investigation into allegations of discrimination is being conducted, a Northwestern spokesperson wrote in an email to the Forward.
The investigation comes as Northwestern faces additional obligations to address and report allegations of antisemitism as part of its $75 million settlement with the Trump administration in November 2025. As part of the agreement, the university pledged that its Office of Civil Rights would publish annual reports with data about complaints of antisemitism, including investigative and disciplinary actions taken.
Spoon did not respond to the Forward’s request for comment.
In its email to students, Spoon said Wildcats for Israel was removed because of its status as “a political action group, not a cultural organization.”
Simon pushed back on that characterization of the club. “They’re not engaged in political advocacy or political work, certainly not in their current iteration,” Simon said. “They’re really focused on doing cultural and educational programming, connecting with Israel and with the Israeli people.”
The idea that Wildcats for Israel is considered political, while other student organizations opposing Israel are not, “appears to be a real double standard,” Simon said.
Still, Simon said the cancellation did not prevent Wildcats for Israel from having its own cultural food event — inviting students to the Hillel building on Friday to talk about what had happened over slushies in two flavors popular in Israel, limonana and iced cafe.
“They’re really turning to a place of being in community and supporting one another,” Simon said.
The post Northwestern launches civil rights investigation into club that banned pro-Israel group from its food festival appeared first on The Forward.
