Red Lobster Could Close Another 135 Restaurants After Filing for Bankruptcy
Red Lobster faces having to close more than 100 more restaurants if it can’t renegotiate rents for its buildings for cheaper prices, court documents show. The seafood chain abruptly closed 93 of its roughly 700 locations in May and filed for Chapter 11 bankruptcy protection, after which it said 135 locations were “at risk of […]
Red Lobster could shut down 135 more restaurants due to rent
Red Lobster is at risk of closing 135 more restaurants if it can’t renegotiate lease terms, according to bankruptcy documents filed last week. The filing lists 228 rejected lease agreements that the company warned would result in losses if continued without adjustments. According to Restaurant Business. The list of rejected leases includes several of the […]
Struggling restaurants announce deals to lure in customers as inflation remains high
As rising inflation continues to affect businesses across the country, several restaurant chains have announced value deals to get cash-strapped customers to return. This week, Red Lobster announced it was shuttering over 50 locations. It comes as the Bureau of Economic Analysis reported on Tuesday that inflation went up 2.2% for the year ending in […]
California Restaurants Are In Crisis As Regulations, Inflation Cost Owners
Restaurant owners in California are collapsing under the weight of costly regulations in the state and widespread inflation, the Los Angeles Times reported Wednesday. A number of California’s most popular restaurants have had to close their doors so far this year, such as award-winning Manzkes’ Bicyclette and Patrick’s Roadhouse, according to the LA Times. Struggling […]
Red Lobster hired auction company ‘very recently’ before shutting 50 restaurants, may file for bankruptcy next week: sources
Red Lobster, which hurriedly hired a liquidation firm before unexpectedly closing dozens of stores this week, is expected to file for bankruptcy as early as Monday, the Post reported. Auction firm TAGeX Brands was recently hired to sell furniture and equipment from 50 closed Red Lobster restaurants, company founder Neil Sherman told the Post. “I’ve […]
Red Lobster abruptly closes at least 50 restaurants — including 14 in NY, NJ
Red Lobster abruptly closed the doors of at least 50 restaurants across the United States on Monday. That included more than a dozen locations in New York and New Jersey, blinding employees of the seafood chain. TAGeX Brands, the restaurant liquidator, It has been revealed that kitchen utensils and furniture are being auctioned off. Sales […]
California restaurants to further hike prices over junk-fee ban
California restaurants are poised to raise prices even more after the state’s junk fee ban requires restaurants and bars to include mandatory fees in their displayed menu prices. On Wednesday, the California Attorney General’s Office revealed how the junk fee ban, known as SB 478, will affect restaurant service fees when it goes into effect […]
Fast food restaurants seeing people buy less
Check out what’s being clicked on FoxBusiness.com Fewer people seem to be buying food at quick-service restaurants (QSR). The same seems to be the case after companies like Yum! Brands, Starbucks and McDonald’s provided quarterly updates on their businesses. The parent company of Kentucky Fried Chicken, Taco Bell and Pizza Hut announced a 3% decline […]
New restaurants ready to make noise in Hamptons, locals try to silence Zero Bond
New restaurants are poised to open in the Hamptons this summer, even as the East End’s notorious noise police try to prevent Big Apple hotspot Zero Bond from gaining a foothold. The roster of new ventures includes an Italian and French restaurant from a veteran restaurateur in East Hampton, an upscale tavern in Sag Harbor […]
‘It’s catastrophic’: Italian restaurants in London struggle to find staff post-Brexit | Restaurants
Emanuela Rescia has lived in London for almost 10 years. She left her hometown of Naples when she was a teenager and became a waitress in England, bringing her expertise and love of Italian cuisine to her capital. But the 27-year-old, like thousands of other Italians working in the UK hospitality industry, felt she had […]