Yahoo Finance Red Lobster Is Filing for Bankruptcy Because of Shrimp
Red Lobster has filed for bankruptcy protection and will sell its assets. WSJ explains what went wrong for the seafood restaurant chain.
Red Lobster has filed for bankruptcy protection and will sell its assets. WSJ explains what went wrong for the seafood restaurant chain.
Red Lobster filed for Chapter 11 bankruptcy Sunday, announcing it will close a significant number of its restaurants and sell equipment in an attempt to raise funds. The announcement comes a week after the company closed 48 of its locations, citing an economic downturn sparked by the COVID pandemic. The chain has reportedly been considering…
Red Lobster, which filed for Chapter 11 bankruptcy in Florida on Sunday night, is investigating the role its majority owner Thai Union played in the restaurant chain's "endless shrimp" promotion that caused $11 million in losses, court documents showed. Red Lobster said the debacle was part of a pattern of mismanagement by the global seafood company that owns most of its equity and supplies shrimp to its restaurants. Red Lobster, with about 550 casual dining restaurants in the U.S., had offered a $20 endless shrimp dish as a limited-time promotion.
Popular seafood chain Red Lobster announced Sunday night it has filed for Chapter 11 bankruptcy in Florida.
Red Lobster has filed for Chapter 11 bankruptcy, citing higher labor costs, rising rents, and its “Ultimate Endless Shrimp” deal. The company states in a court filing it faced "a difficult macroeconomic environment, a bloated and underperforming restaurant footprint, failed or ill-advised strategic initiatives, and increased competition within the restaurant industry." Yahoo Finance's Seana Smith and Madison Mills break down the story and Red Lobster's future in the already-strained restaurant industry. For more expert insight and the latest market action, click here to watch this full episode of Catalysts. This post was written by Melanie Riehl
In a court filing, the Orlando, Fla.-based company said it has more than 100,000 creditors and between $1 billion and $10 billion in estimated liabilities.
Judge Juan M Merchan told Robert Costello his conduct was ‘contemptuous right now’
The top vehicle safety regulator in the U.S. has launched a formal probe into an April crash involving the all-electric VinFast VF8 SUV that claimed the lives of a family of four, TechCrunch has learned. A spokesperson for the National Highway Traffic Safety Administration (NHTSA) told TechCrunch on Monday that its Special Crash Investigations division will "document the crash circumstances and the ensuing fire." The victims, who have been identified by the Alameda County Sheriff's Department as Tarun and Rincy George, and their two children, did not own the vehicle.
Red Lobster just filed for bankruptcy after years of financial and executive-level turmoil.
Vietnam's electric vehicle maker VinFast is being sued in a California court for not having paid rent for a store, according to a complaint filed by real estate services firm SPG Center LLC, which VinFast said was inaccurate. SPG Center said VinFast had rented the premises in a shopping centre in Palo Alto from the end of March 2023, but had stopped paying since May 2023 through last month, with the total amount due of nearly $356,000, equal to twelve months of rent, according to the complaint it filed on May 14 with California's Superior Court for the county of Santa Clara. "The allegation that VinFast has not paid rent from May 1, 2023, to April 1, 2024, is inaccurate," VinFast said in a statement to Reuters.
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STORY: Researchers hope it can help users cut down on sodium consumption and promote a healthier diet. Developed by Japanese drinks giant Kirin Holdings, the utensil works by passing a weak electric field to concentrate the sodium ion molecules on the tongue.This enhances the perceived saltiness of the food.Weighing 60 grams, the spoon runs on a rechargeable lithium battery.Meiji University professor Homei Miyashita co-developed the utensil."When you're eating low-salt foods some of that sodium comes into contact with your tongue but not all, so we use an electric current to attract the sodium to the tongue. Once you do that, lots of sodium is drawn to the tongue and gives the impression of a saltier flavor."Excess sodium intake is related to increased incidence of high blood pressure, strokes and other ailments.Kirin says the technology has particular significance in Japan, where the average adult consumes about 10 grams of salt per day.That’s double the amount recommended by the World Health Organization.Ai Sato is a researcher at Kirin:"Overall, Japanese people need to reduce their salt intake but it can be very hard to change the diet we're used to. We created this Electric Salt tool so they can adjust their salt intake and get used to lighter-tasting meals."Kirin plans to sell 200 of its Electric Salt Spoons online for roughly $127 apiece in May and a limited run at a Japanese retailer in June.The company is hoping for 1 million users globally within five years. Sales overseas will start in 2025.
Vietnamese officials have called on Apple supplier Foxconn to voluntarily reduce power use by 30% at its assembly plants in the north of the country where there were electricity outages last year, two people familiar with the matter said. The request for energy-saving measures, which two other industry sources said was sent to multiple manufacturers, is precautionary and aimed at averting a repeat of last summer when power shortage led to over a billion dollars in lost output. The request to Foxconn was "an encouragement", not a requirement and has not had any impact on production, one of the people said.
Even the English Breakfast Society has welcomed the ‘baozi’ as supermarket chains feed off interest in world food
HOUSTON (Reuters) -Oil prices settled 1% lower on Tuesday as lingering U.S. inflation looked likely to keep interest rates higher for longer, weighing on fuel demand. Brent crude futures settled down 83 cents, or 1%, to $82.88 a barrel. Ahead of this weekend's Memorial Day holiday, which kicks off the U.S. peak summer driving season, retail gasoline prices fell for the fourth consecutive week to $3.58 per gallon on Monday, the Energy Information Administration (EIA) said in its gasoline and diesel fuel update.