Subminimum Wage Exclusion List

Adasina’s Exclusion Lists are a critical tool for making long-term impact. Informed by community-sourced data and insights from social justice partners, these lists publicize the direct and indirect participants in systemic injustice. We disclose Exclusion Lists to create incentives for companies to change harmful practices. See all of our current Exclusion Lists here.

 

ENDING THE SUBMINIMUM WAGE

A “subminimum wage” is a wage paid that is less than the federal or state mandated minimum wage. Federal law allows companies to pay less than the legally mandated minimum wage to certain groups of workers. Tipped workers are the largest group paid a subminimum wage and represent approximately six million people in the United States.

In 2020, a coalition of over 65 institutional investor groups representing over $538 billion in managed assets, signed an Investor Statement calling on companies to end the subminimum wage. In solidarity with these investors, we created a public investment Exclusion List that includes all companies excluded from our portfolios for paying their employees a subminimum wage.

The table below includes the list of publicly traded companies that pay subminimum wages. We continue to conduct research with our partners to ensure this list reflects the insights of social justice movements.

TickerISINCompany Name
ARKRUS0407121013ARK RESTAURANTS CORP
ARMKUS03852U1060ARAMARK
BBQUS05551A1097BBQ HOLDINGS, INC
BCCIUS0675943098BARISTAS COFFEE CO INC
BDLUS3385171059FLANIGANS ENTERPRISES INC
BDVBUS0566462018BAGGER DAVE'S BURGER TAVERN, INC.
BHUS08986R3093BIGLARI HOLDINGS INC.
BJRIUS09180C1062BJ'S RESTAURANTS, INC.
BLMNUS0942351083BLOOMIN' BRANDS, INC.
CAKEUS1630721017CHEESECAKE FACTORY INCORPORATED
CBRLUS22410J1060CRACKER BARREL OLD COUNTRY STORE, INC.
CHUYUS1716041017CHUY'S HOLDINGS, INC.
CNNEUS13765N1072CANNAE HOLDINGS, INC.
CORGUS21850P2002CORDIA CORPORATION
DBUBUS23306V2034DBUB GROUP, INC.
DENNUS24869P1049DENNY'S CORPORATION
DINUS2544231069DINE BRANDS GLOBAL, INC.
DISUS2546871060WALT DISNEY COMPANY (THE)
DRIUS2371941053DARDEN RESTAURANTS INC
EATUS1096411004BRINKER INTERNATIONAL INC
FATUS30258N1054FAT BRANDS
FRGIUS31660B1017FIESTA RESTAURANT GROUP, INC.
GCFBUS38724Q4047GRANITE CITY FOOD & BREWERY LTD.
GIGLUS37518A1043GIGGLES N' HUGS, INC.
GRLTUS39850R1095GRILLIT INC
GTIMUS3821408792GOOD TIMES RESTAURANTS
HIRUUS4335701086HIRU CORPORATION
IBGRUS65341F1075ILLEGAL RESTAURANT GROUP, INC.
JAXUS46609J1060J. ALEXANDER'S HOLDINGS, INC.
KONAQUS50047H2013KONA GRILL, INC.
KRUSUS50127T1097KURA SUSHI USA, INC.
LUBUS5492821013LUBYS
MHGUUS59000K3095MERITAGE HOSPITALITY GROUP INC
MSGEUS55826T1025MADISON SQUARE GARDEN ENTERTAINMENT CORP.
NROMUS6551071003NOBLE ROMAN'S, INC.
PDIV:USUS74049P2011PREMIER DEVELOPMENT & INVESTMENT, INC.
PLAYUS2383371091DAVE & BUSTER'S ENTERTAINMENT, INC.
RAVEUS7541981095RAVE RESTAURANTS
RGSUS7589321071REGIS CORP
RIBSUS84264D1063SOUTHERN CONCEPTS RESTAURANT GROUP, INC.
RICKUS74934Q1085RCI HOSPITALITY HOLDINGS
RLLYUS03879T1088ARC GROUP, INC.
RRGBUS75689M1018RED ROBIN GOURMET BURGERS, INC.
RUTHUS7833321091RUTH'S HOSPITALITY GROUP, INC.
SONNUS83548R1059SONNET BIO THERPEUTICS
STKSUS88338K1034ONE GROUP HOSPITALITY, INC. (THE)
TXRHUS8826811098TEXAS ROADHOUSE, INC.
UWKIUS91818N1000UWINK, INC
WCVCUS9522131062WEST COAST VENTURES GROUP CORP.
WINGUS9741551033WINGSTOP INC.
Data sourced from One Fair Wage, data visualization and investment application by YourStake.
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HOW TO USE OUR EXCLUSION LISTS

  • Talk to your financial advisor about how you’re invested. Consider excluding these companies from your portfolio or conducting shareholder engagement to urge them to end this practice.

  • Advisors can use YourStake.org to investigate & report on these social justice issues in your portfolios.

 

ENDNOTES

  1. Department of Justice, Wage and Hour Division, “Questions and Answers About the Minimum Wage,” Department of Justice (2020).
  2. One Fair Wage, It’s Time to End the Subminimum Wage,” One Fair Wage (2019).