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Red Lobster Announces Nearly 100 Locations Will Be Shut Down

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

Harry and Meghan’s Archewell Delinquent Over Unpaid Fees

Harry and Meghan’s Archewell , Delinquent Over Unpaid Fees. The Duke and Duchess of Sussex's charity is currently prohibited from raising money in California because it's been found delinquent in the state, NBC News reports. . California Attorney General Rob Bonta was responsible for issuing the delinquency notice. . According to the state of California, Archewell has yet to pay its yearly registration fees or submit an annual report. A source familiar with the situation said that the foundation's check was lost in the mail, but another one has been sent out. . The issue will likely be resolved in a matter of days, according to the source. Meanwhile, Harry and Meghan have been in Nigeria supporting causes such as wounded veterans. Meanwhile, Harry and Meghan have been in Nigeria supporting causes such as wounded veterans. The Archewell Foundation was launched in 2020 after the couple stepped away from the royal family. The foundation's mission is, "Show up, do good.". We consciously partner with key organizations and leaders to identify immediate needs, build meaningful initiatives, and drive long-term change, Via the Archewell Foundation's website