The Des Moines Register on LinkedIn: Red Lobster files for bankruptcy after restaurant closures. What happens… (2024)

Red Lobster, a popular seafood restaurant chain, is facing challenges and has announced the closure of numerous locations across the country. The company, struggling to stay afloat, revealed plans to auction off over 50 locations nationwide.TageX Brands, a restaurant liquidation company, will manage the sale of equipment from these closing locations. This marks TageX's largest restaurant equipment auction to date, although only 48 locations were specifically listed in their catalog.California will see the closure of five Red Lobster locations, while Florida will lose another five. Additionally, Colorado and Maryland will each bid farewell to four locations.TageX is selling these locations in their entirety, emphasizing that each winner of the auction will acquire the complete contents of the Red Lobster establishment they bid on.Earlier this year, reports surfaced about Red Lobster contemplating a bankruptcy filing to alleviate financial strains. According to sources familiar with the matter, discussions about potentially filing for Chapter 11 bankruptcy are ongoing. This move could help the company renegotiate leases, address long-term contracts, and manage escalating labor costs.Red Lobster appointed Jonathan Tibus as its new CEO in March. Tibus, known for his expertise in restructuring struggling restaurants, retail, and hospitality businesses, has spearheaded various successful restructuring initiatives in the past.This report includes contributions from Eric Revell of Fox News Digital.

Red Lobster, a popular seafood restaurant chain, is facing challenges and has announced the closure of numerous locations across the country. The company, struggling to stay afloat, revealed plans to auction off over 50 locations nationwide.TageX Brands, a restaurant liquidation company, will manage the sale of equipment from these closing locations. This marks TageX's largest restaurant equipment auction to date, although only 48 locations were specifically listed in their catalog.California will see the closure of five Red Lobster locations, while Florida will lose another five. Additionally, Colorado and Maryland will each bid farewell to four locations.TageX is selling these locations in their entirety, emphasizing that each winner of the auction will acquire the complete contents of the Red Lobster establishment they bid on.Earlier this year, reports surfaced about Red Lobster contemplating a bankruptcy filing to alleviate financial strains. According to sources familiar with the matter, discussions about potentially filing for Chapter 11 bankruptcy are ongoing. This move could help the company renegotiate leases, address long-term contracts, and manage escalating labor costs.Red Lobster appointed Jonathan Tibus as its new CEO in March. Tibus, known for his expertise in restructuring struggling restaurants, retail, and hospitality businesses, has spearheaded various successful restructuring initiatives in the past.This report includes contributions from Eric Revell of Fox News Digital.

Cava, a Mediterranean Restaurant Chain, Takes the Leap into Public MarketsJune 15, 2023: Cava, a popular Mediterranean restaurant chain, is about to become a publicly traded company. Other restaurant businesses closely observe this move as they consider whether to follow suit.https://lnkd.in/g6B3gHuF#trending #trendingnow #trendingnews #TRENDINGNEWSTODAY #breakingnews #NewsUpdate #newsupdatetoday

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Red Lobster’s $20 Ultimate Endless Shrimp deal was fun while it lasted, but as with all good things, the unreal price is coming to an end. During third-quarter earnings call this month, a representative for the restaurant chain’s parent company revealed that the price has increased from $20 to $25 in the past five months due to unexpected demand and a decline in profits. “The proportion of the people selecting this promotion was much higher compared to expectation,” Thai Union Group chief financial officer Ludovic Garnier said, as reported by NBC News. Once upon a time, the all-you-can-eat promotion was simply a fleeting deal that popped up occasionally. But in June, the restaurant chain announced the offer had become a permanent part of the Red Lobster menu. With the recent price hike, it appears Red Lobster might’ve bitten off more than it could chew. Case in point? The company reported an $11 million operating loss after the introduction of the permanent promotion. “We knew the price was cheap, but the idea was to bring more traffic in the restaurant,” Garnier said. To balance rising demand and decreased profits, the restaurant has been slowly raising the price over the past few months. While it started at $20, it soon transitioned to $22 and now rings in at $25. Red Lobster fans may have to shell out a bit more for the endless shrimp promotion, but they don’t have to worry that it’s swimming away anytime soon. “It’s one of the iconic promotions for Red Lobster, so we want to keep it in the menu but, of course, we we need to be much more careful regarding what is the entry point and what is the price point we’re offering for this promotion,” Garnier said. How does the Ultimate Endless Shrimp offer work? https://lnkd.in/dmGt3dWu

Is specializing in restaurants a prerequisite for success in a restaurant??? Yes, that's definitely true... There are many examples of restaurants that have it Different types of meals, such as shawarma, falafel, pizza, and pastries, are successful, but they are very few... Specialization is a condition for the success and expansion of a restaurant, and this restaurant has many branches. Specialization is the right path to the growth of this project, and it is a basic condition and your path to success... There is a popular proverb that says: I know everything about something, and I know something about everything...#Restaurants #operations

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Dynamic pricing, the process of regularly adjusting the pricing of menu items to match the current level of demand, may sound like a headache, but just like your restaurant has peak times, so do food items and pricing should reflect this. Christine Johnson, COO at Le Duff America, Inc., will join a panel of restaurant execs at 2024 to discuss why they’ve adopted dynamic pricing and its pros and cons.#RFISummit #restaurants #dynamicpricing #restaurantoperations

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The food industry is tricky at best. "The National Restaurant Association attaches a failure rate as high as 80% to start-up bars and eateries within their first five years of opening." A review of this list shows management negligence, consumer behavior shifts and an inability to keep up with the competition. #franchisebusiness#franchiserestaurants#smallbusinessowners#franchiseconsultant

Coming from Toronto, I can safely say his shawarma is probably one of the better ones in the Bay Area. Surprisingly he has a takeout restaurant inside of a grocery store. I appreciate the fact that the owner is always there.https://g.co/kgs/iUcAVB...#AladdinGourmetMarket #clienttestimonial #testimonial #happyclient #reviewsmatter #review #reviewpost #testimonials #happyclientshappyme #5starreview #ratingsandreviews

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Cava’s revenue rose at a 56.2% compound annual growth rate in the last few years. However, net losses have also grown to $59 million in fiscal 2022 from $37.4 million in fiscal 2021.Learn more about the Mediterranean fast-casual restaurant chain that’s expected to go public.

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Dynamic pricing, the process of regularly adjusting the pricing of menu items to match the current level of demand, may sound like a headache, but just like your restaurant has peak times, so do food items and pricing should reflect this. Christine Johnson, COO at Le Duff America, will join a panel of restaurant execs at Restaurant Franchising & Innovation Summit 2024 to discuss why they’ve adopted dynamic pricing and its pros and cons.#RFISummit #restaurants #dynamicpricing #restaurantoperations

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