Dream Wired
No Result
View All Result
  • Home
  • Celebrity
  • DramaAlert
  • Gossip
  • Movie
  • TV
  • Music
  • Comics
  • Shop
  • Home
  • Celebrity
  • DramaAlert
  • Gossip
  • Movie
  • TV
  • Music
  • Comics
  • Shop
No Result
View All Result
Dream Wired
No Result
View All Result
Home Celebrity

Red Lobster May Be Going Bankrupt

rmtsa by rmtsa
April 18, 2024
in Celebrity
0
Red Lobster May Be Going Bankrupt
74
SHARES
1.2k
VIEWS
Share on FacebookShare on Twitter


You might also like

Kendrick Lamar Leads The 2025 BET Awards Nominations With 10

Every Brand Beyoncé Has Worn On The “Cowboy Carter” Tour So Far – Essence

‘Brunchin’ With The Braxtons’ Special Episode

BRAZIL – 2023/12/13: In this photo illustration, the Red Lobster logo is displayed on a smartphone screen. (Photo Illustration by Rafael Henrique/SOPA Images/LightRocket via Getty Images)

It looks like the cheddar bay biscuits may have not been enough to save popular seafood chain Red Lobster.

According to reports the restaurant franchise is considering a Chapter 11 bankruptcy filing to help restructure its debt.

Law Firm King & Spalding is advising the brand, per a Yahoo Finance report. According to the outlet, the move comes to help alleviate the strain of some long-term contracts, and to renegotiate a litany of leases.

The 56-year-old restaurant has become synonymous affordable seafood options, like its popular $20 all-you-can-eat shrimp deal, but it wasn’t quite as financially successful as it hoped, according to reports. The deal was popular but it ended up costing the company more than $11 million in one quarter.

Red Lobster is not the only once lucrative chain restaurant facing financial in 2024. For instance southern-themed eatery Cracker Barrel saw a significant decrease in customer traffic in recent years. Denny’s also closed 57 locations because of inflation-induced financial issues. Per reports, a Denny’s location previously needed $1 million to be in the red. Now, it requires $1.2 million, Robert Verostek, Denny’s CFO stated.

Similarly, the parent company of fast casual chain Applebee’s announced the closure of 46 locations in 2023 during a fourth-quarter earnings call.

So, why do so many chain restaurants seem to be in financial trouble as of late? Some experts are blaming the challenges on hiked prices that started last year, and seem to be catching up to the businesses now that the threat of a recession is more nigh.



Source link

Tags: BankruptLobsterRED
Share30Tweet19
rmtsa

rmtsa

Recommended For You

Kendrick Lamar Leads The 2025 BET Awards Nominations With 10

by rmtsa
May 9, 2025
0
Kendrick Lamar Leads The 2025 BET Awards Nominations With 10

The 2025 BET Awards nominations have been announced. Source: PA Wire – PA Images On Thursday, May 8, BET revealed the complete list of nominees for the upcoming...

Read more

Every Brand Beyoncé Has Worn On The “Cowboy Carter” Tour So Far – Essence

by rmtsa
May 9, 2025
0
Every Brand Beyoncé Has Worn On The “Cowboy Carter” Tour So Far – Essence

Instagram/Beyoncé The build-up for Beyoncé’s “Cowboy Carter” Tour is perhaps one of the most anticipated concert series of the year. Due to the chokehold the global act has...

Read more

‘Brunchin’ With The Braxtons’ Special Episode

by rmtsa
May 8, 2025
0
‘Brunchin’ With The Braxtons’ Special Episode

MadameNoire Featured Video Source: Photo courtesy of Brunchin With The Braxtons Make sure you’ve got plenty of room in your stomach because Tamar Braxton and her mother, Ms....

Read more

Dr. Cameisha Clark’s Alleged Killer Charged With Her Murder

by rmtsa
May 8, 2025
0
Dr. Cameisha Clark’s Alleged Killer Charged With Her Murder

Source: Facebook Some very sad news has broken that has left family, friends, and the staff at two colleges grieving the loss of their beloved colleague. According to...

Read more

Hanna John-Kamen On Thunderbolts* And Always Staying Ready For Your Close Up – Essence

by rmtsa
May 7, 2025
0
Hanna John-Kamen On Thunderbolts* And Always Staying Ready For Your Close Up – Essence

Killer action roles in television, sci-fi odyssey outlaws, and hyper-dystopian stories are brimming out of Hanna John-Kamen’s filmography as a performer with stamina in her emotional performance onscreen....

Read more
Next Post
‘I Wanted to Look Like Angelia Jolie’

'I Wanted to Look Like Angelia Jolie'

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Browse by Category

  • Celebrity
  • Comics
  • DramaAlert
  • Gossip
  • Movie
  • Music
  • TV
  • Uncategorized

CATEGORIES

  • Celebrity
  • Comics
  • DramaAlert
  • Gossip
  • Movie
  • Music
  • TV
  • Uncategorized
No Result
View All Result

Recent News

  • Where Is Lester Holt Going After ‘NBC Nightly News’? His Next Job – Hollywood Life
  • Brendan Fraser, Sarah Michelle Gellar, Annie Murphy, Elizabeth Hurley and Josh Gad Join Tubi’s Animated Series BREAKING BEAR — GeekTyrant
  • Frontier Airlines Agents Fired For Mocking Denied Customer

Copyright © 2023 DramaWired.
DramaWired is a content aggregator and not responsible for the content of external sites.

No Result
View All Result
  • Home
  • Celebrity
  • DramaAlert
  • Gossip
  • Movie
  • TV
  • Music
  • Comics
  • Shop

Copyright © 2023 DramaWired.
DramaWired is a content aggregator and not responsible for the content of external sites.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In