Red Lobster Announces Nearly 100 Locations Will Be Shut Down
Video Credit: Wibbitz Top Stories - Duration: 01:31s - Published
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.
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
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Red Lobster Says , Locations Will Stay Open , After Filing For Bankruptcy.
On May 19, Red Lobster confirmed in
a statement that the company has filed for
voluntary Chapter 11 bankruptcy in Florida. .
NBC reports that the largest seafood chain in
the United States said that filing for Chapter 11 will , "drive operational improvements, simplify the business
through a reduction in locations, and pursue a sale
of substantially all of its assets as a going concern.".
In a so-called stalking horse arrangement, Red Lobster
will sell the entire business to a new entity that is
completely owned and controlled by lenders. .
According to the company, lenders have
provided $100 million in financial commitments
to fund the chain's ongoing operations.
According to the company, lenders have
provided $100 million in financial commitments
to fund the chain's ongoing operations.
NBC reports that the company's bankruptcy
petition lists Red Lobster's assets at a value
between $1 billion and $10 billion.
The chain stressed that despite closing around
99 locations across the U.S., remaining locations
will remain open during the bankruptcy process.
The company added that it has been , "working with vendors to ensure
that operations are unaffected.".
This restructuring is the best path
forward for Red Lobster. It allows
us to address several financial and
operational challenges and emerge
stronger and re-focused on our growth, Jonathan Tibus, Red Lobster CEO, via NBC.
The 56-year-old chain was founded back in 1968.
By 2019, Red Lobster had expanded to include
nearly 700 locations across the country.
NBC reports that the company has struggled
under a growing debt load after failing to regain
a foothold following the COVID-19 pandemic.
Credit: Wibbitz Top Stories Duration: 01:31Published
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Advocates Warn Extreme Heat , Could Drive Home Cooling , Costs to Decade High.
NBC reports that the average cost of keeping a home
in the United States cool from June to September is
set to hit $719 in 2024, according to new projections.
Advocates for low-income households found
that those annual costs for cooling a home in
the summer are about 8% higher than in 2023.
Back in 2021, the average cost
to cool a home was down at
an average of $573 annually.
According to organizations that distribute federal financial
support, an estimated one million fewer families
will be able to receive assistance paying their energy bills. .
This loss of assistance comes partly as the result of government
funding for the Low Income Home Energy Assistance Program
(LIHEAP) dropping to $4.1 billion, down from $6.1 billion in 2023.
It’s inflation in the sense that you
have to spend more to cool your
house, but you’re using more of it, Mark Wolfe, Executive director of the National Energy
Assistance Directors Association (NEADA), via NBC.
So you can’t blame
the price. This is more
the price of climate change, Mark Wolfe, Executive director of the National Energy
Assistance Directors Association (NEADA), via NBC.
The National Oceanic and Atmospheric Administration
has warned that 2024 is expected to rank among
the top five hottest years on record. .
According to the National Energy Assistance Directors
Association (NEADA) report, many households face the
risk of debt or potential utility shut-offs for nonpayment.
These estimates could, in fact,
understate the final costs of home
cooling this summer if temperatures
continue to reach record levels, National Energy Assistance Directors
Association (NEADA) report, via NBC
Credit: Wibbitz Top Stories Duration: 01:31Published
Spotify Says Upcoming Price Increases , Are Needed to Bring Users , 'The Best Experience'.
NBC reports that Spotify will
soon be bumping up the price of
subscription plans in the United States. .
According to a statement on the company's website,
increases are necessary for the audio streaming service to, "invest in and innovate on our product features
and bring users the best experience.".
The changes include
the Premium plan increasing
from $10.99 to $11.99.
The duo plan, which is meant for
two users in the same household,
will increase from $14.99 to $16.99.
The family plan, meant for up to six
users who share a household, will
increase from $16.99 to $19.99.
The price of the service's limited-service
ad-supported tier and the $5.99 plan
for students will remain the same.
NBC reports that this is only
the second time that Spotify
has increased its prices in the U.S.
CEO Daniel Ek recently pointed out that the company has been
consistently profitable, despite narrowly missing the
most recent monthly active user growth targets.
CEO Daniel Ek recently pointed out that the company has been
consistently profitable, despite narrowly missing the
most recent monthly active user growth targets.
In April, Bloomberg News first reported that Spotify might be
increasing prices to cover the cost of audiobooks, which includes
royalty payments that comprise a majority of its budget.
In April, Bloomberg News first reported that Spotify might be
increasing prices to cover the cost of audiobooks, which includes
royalty payments that comprise a majority of its budget.
Spotify's price increases come as some other companies
in the U.S. have been announcing price cuts amid
signs consumer spending may be waning
Credit: Wibbitz Top Stories Duration: 01:30Published
GameStop Rally , Continues Following Return of, 'Roaring Kitty' .
On June 3, meme stock GameStop rallied on rumors that
Keith Gill, the inspiration for the stock's 2021 short squeeze,
may be holding a significant share of the company. .
NBC reports that Gill, otherwise known as Roaring Kitty on YouTube
and X, posted a screenshot of what is believed to be his
extensive GameStop portfolio of common shares and call options. .
NBC reports that Gill, otherwise known as Roaring Kitty on YouTube
and X, posted a screenshot of what is believed to be his
extensive GameStop portfolio of common shares and call options. .
According to the image shared on Reddit's
r/SuperStonk forum, Gill is holding 5 million shares
of GameStop with an estimated worth of $115.7 million. .
According to the image shared on Reddit's
r/SuperStonk forum, Gill is holding 5 million shares
of GameStop with an estimated worth of $115.7 million. .
The post also showed 120,000 call
options with a strike price of $20. .
On May 31, GameStop
shares closed at $23.14.
As a result of Roaring Kitty's post,
shares in GameStop were up almost 84%,
reaching $42.55 in premarket trading.
NBC reports that around the same time as
the Reddit post, Gill also made a cryptic post
on X of a 'Reverse' card from the game 'Uno.'.
NBC reports that around the same time as
the Reddit post, Gill also made a cryptic post
on X of a 'Reverse' card from the game 'Uno.'.
Three weeks ago, Gill's first return to social media
led to an initial rally for GameStop that saw
shares more than double for the month of May.
Three weeks ago, Gill's first return to social media
led to an initial rally for GameStop that saw
shares more than double for the month of May.
In response to the May rally,
GameStop capitalized by raising
over $900 million in a stock sale.
The rally comes as GameStop continues to struggle
amid the transition away from brick-and-mortar
video game stores and towards online gaming. .
The rally comes as GameStop continues to struggle
amid the transition away from brick-and-mortar
video game stores and towards online gaming.
Credit: Wibbitz Top Stories Duration: 01:31Published
Conflict Avoidance, Can Have a Huge Impact on Relationships.
NBC's 'Think' report highlights a growing
trend of conflict avoidance across a wide
spectrum of interpersonal relationships.
This ranges from "ghosting" friends
and lovers to "quiet quitting" a job. .
Conflict avoidance often serves as an excuse
for avoiding the maintenance that both private
and professional relationships require. .
This avoidance can have long-term impacts, including
lowered resilience, mental health and productivity. .
According to a national survey by Cornell University psychologist
and gerontologist Karl Pillemer, 27% of Americans over the
age of 18 have cut contact with at least one family member. .
According to a national survey by Cornell University psychologist
and gerontologist Karl Pillemer, 27% of Americans over the
age of 18 have cut contact with at least one family member. .
NBC highlights the many reasons which appear to
be responsible for growing conflict avoidance.
One of those reasons is modern communications, combined
with an increasing distrust for others, which makes
tuning out people you disagree with an easy option.
One of those reasons is modern communications, combined
with an increasing distrust for others, which makes
tuning out people you disagree with an easy option.
One of those reasons is modern communications, combined
with an increasing distrust for others, which makes
tuning out people you disagree with an easy option.
The pandemic also reduced in-person
interactions that demand real engagement
and for people to resolve their differences. .
Dr. Eugene Beresin, a psychiatrist at Harvard
Medical School, suggests that resolving conflict , “requires building interpersonal skills that are
essential for loving and effective relationships.".
Research suggests that the process of conflict and arguing facilitates talk and awareness of another’s perspective, Jennifer A. Sampa, Communications researcher and therapist, via NBC
Credit: Wibbitz Top Stories Duration: 01:31Published
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US Braces for Potentially , Dangerous Heat Wave.
NBC reports that warnings have been issued in
cities across southern and western states ahead of
a dangerous heat wave expected to start on June 5.
Cooling centers will reportedly be opened,
as temperatures are forecast to rise above
110 degrees Fahrenheit in some areas.
The heat alerts and warnings are estimated
to impact over 29 million people in a region
spanning from central California to southern Texas. .
Due to an area of high pressure,
daytime highs are estimated to rise
10 to 25 degrees above average.
On June 4, the city of San Angelo in central Texas
hit 111 degrees, the highest temperature recorded
there since it reached 112 degrees last summer.
According to the National Weather Service,
California's Central Valley could reach temperatures
"well up into the 100s at the hottest location.".
According to the National Weather Service,
California's Central Valley could reach temperatures
"well up into the 100s at the hottest location.".
Interior desert regions, including
Las Vegas, are expected to see
temperatures exceed 110 degrees. .
California's Death Valley National Park
has been predicted to reach anywhere
between 118 and 121 degrees.
California has gone to phase 2
of the state's extreme heat temperature response
plan, which includes opening cooling centers.
Extreme heat can be deadly.
Together, let’s do everything
we can to stay safe. The state
is taking action to protect
and inform communities
and Californians should
take steps now to protect
themselves from the heat. , Gavin Newsom, Governor of California, via 'Newsweek'
Credit: Wibbitz Top Stories Duration: 01:30Published
This Day in History: , Bobby Kennedy Is Assassinated.
June 5, 1969.
Senator Kennedy was shot at
the Ambassador Hotel in LA,
after making a brief victory
speech to a crowd of supporters.
Considered by many to be the
only hope in unifying a deeply divided nation,
he had just won the California presidential primary.
22-year-old Sirhan Sirhan
fired several rounds at Kennedy
at close range as he was exiting
the hotel through the kitchen.
Kennedy was pronounced dead the next day.
Dr. Martin Luther King Jr. had been
gunned down just months earlier.
Sirhan Sirhan was sentenced to death.
He spent the rest of his life in prison
after California outlawed the death penalty.
Richard Nixon was elected to his
first term as President of the United States
later that year
Credit: Wibbitz Top Stories Duration: 00:55Published
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Caitlin Clark Selected No. 1 Overall , by Indiana Fever in 2024 WNBA Draft.
The WNBA draft took place on April 15
at the Brooklyn Academy of Music.
The WNBA draft took place on April 15
at the Brooklyn Academy of Music.
Clark, the record-breaking NCAA star who's amplified interest in women's basketball, is headed to play with Indiana, ESPN reports. .
Clark, the record-breaking NCAA star who's amplified interest in women's basketball, is headed to play with Indiana, ESPN reports. .
I dreamed of this moment since I was in
second grade, and it's taken a lot of hard
work, a lot of ups and downs, but more
than anything, just trying to soak it in, Caitlin Clark, via statement.
The last time that the Fever won a
WNBA title was in 2012, ESPN reports. .
The last time that the Fever won a
WNBA title was in 2012, ESPN reports. .
But Clark is determined to help the team
"get back to championship habits." .
I'm very lucky to be going there
to an organization that really
loves women's basketball, Caitlin Clark, via statement.
You see it today, I think they had 17,000
tickets claimed to just watch the draft.
I think that shows the excitement in
Indianapolis. It's a great basketball city, Caitlin Clark, via statement.
For myself, I can't imagine a more perfect
fit, a better place for me to start my
professional career, an organization that
really just believes in women's basketball
and wants to do everything the right way. , Caitlin Clark, via statement.
So I couldn't be more
excited to get there, Caitlin Clark, via statement.
Other top WNBA picks include
Cameron Brink and Rickea Jackson,
who are headed to the Los Angeles Sparks.
Other top WNBA picks include
Cameron Brink and Rickea Jackson,
who are headed to the Los Angeles Sparks.
and Kamilla Cardoso and Angel Reese,
who will play with the Chicago Sky.
and Kamilla Cardoso and Angel Reese,
who will play with the Chicago Sky
Credit: Wibbitz Top Stories Duration: 01:31Published
This Day in History:, Columbine High School Massacre.
April 20th, 1999.
At 11:19 A.M., Dylan Klebold, 18, and
Eric Harris, 17, walked into their high school
and began opening fire on students and teachers.
Less than 20 minutes later, Klebold
and Harris had killed 12 of their classmates,
one teacher and had wounded 23 other people.
Less than an hour after they had
begun their rampage, the two died by
suicide after turning their guns on themselves.
The massacre in the Denver suburb
Littleton, CO, shook the nation and
made headlines around the world.
It sparked speculation on the teens' motive
and intensified debate on the contentious issue
of gun control that would continue for decades.
The methodical and planned-out rampage is
widely considered a turning point in the history
of school shootings in the United States
Credit: Wibbitz Top Stories Duration: 01:00Published
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