Red Lobster Announces, Nearly 100 Locations , Will Be Shut Down.
NBC reports that approximately 99 Red Lobster locations
will be auctioned off as the seafood chain faces
questions regarding the company's long-term future.
Founder and CEO of the liquidation firm TAGeX Brands,
Neal Sherman, said he would lead the closure of over
50 locations in a May 13 LinkedIn post.
Sherman said equipment from the
locations will be auctioned off.
Locations will reportedly be closed across
the United States, including Denver,
Indianapolis, California and New York.
On May 14, Restaurant Business Magazine reported
a total of 99 locations would close, representing
about 15% of the company's 700 locations. .
NBC reports that the largest seafood
restaurant in the U.S. has struggled with debt,
unfavorable leases and executive turnover.
The chain's troubles also stem from ill-advised
strategies like an all-you-can-eat-shrimp promotion
in 2023 that resulted in a significant loss.
Earlier in 2024, the chain's largest investor,
Thai Union, announced that it would
seek to exit its position. .
The combination of Covid-19 pandemic,
sustained industry headwinds, higher
interest rates and rising material and
labor costs have impacted Red Lobster,
resulting in prolonged negative
financial contributions to
Thai Union and its shareholders, Thiraphong Chansiri, Thai Union Group’s CEO, via NBC.
After detailed analysis, we have
determined that Red Lobster’s
ongoing financial requirements
no longer align with our capital
allocation priorities and
therefore are pursuing an exit
of our minority investment, Thiraphong Chansiri, Thai Union Group’s CEO, via NBC
Credit: Wibbitz Top Stories Duration: 01:31Published
LinkedIn Is Developing , In-App Games.
Networking is about to become more entertaining, Engadget reports. .
The jobs-focused social media platform will soon offer its users puzzle-based games.
The jobs-focused social media platform will soon offer its users puzzle-based games.
Nima Owji, an app researcher, posted screenshots of some of the upcoming games.
LinkedIn also confirmed the development
of the games to TechCrunch.
We’re playing with adding puzzle-based
games within the LinkedIn experience to
unlock a bit of fun, deepen relationships,
and hopefully spark the opportunity
for conversations. Stay tuned for more!, LinkedIn spokesperson, to TechCrunch.
Upcoming titles include
'Queens,' 'Inference' and 'Crossclimb.'.
Companies will reportedly be ranked in the games based on how their employees score.
A release date has yet to be announced.
It's also not clear whether only
paid subscribers will have access to the
games or if free users can play as well. .
It's also not clear whether only
paid subscribers will have access to the
games or if free users can play as well.
Credit: Wibbitz Top Stories Duration: 01:30Published
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