Red Lobster Reportedly Considering Filing for Bankruptcy, Jokes Fly

Flavor Flav Orders Entire Red Lobster Menu to Help Chain After Bankruptcy Filing

Flavor Flav Orders Entire Red Lobster Menu , to Help Chain After Bankruptcy Filing. Flavor Flav Orders Entire Red Lobster Menu , to Help Chain After Bankruptcy Filing. Red Lobster filed for Chapter 11 bankruptcy last month. Days before doing so, the chain closed nearly 100 locations. . On June 3, rapper Flavor Flav took to X to show his support for the restaurant. . Ya boy meant it when I said I was gonna do anything and everything to help @redlobster and save the cheddar bay biscuits, Flavor Flav, via X. Ordered the whole menu!!!, Flavor Flav, via X. In an additional post, the 65-year-old said that he shared the food with his family. Red Lobster commented beneath his post, saying, "It's flavor time, boyeeeeeeee.". Red Lobster commented beneath his post, saying, "It's flavor time, boyeeeeeeee.". Many blame Red Lobster's turbulence on Thai Union's mismanagement. The company took over the chain in 2020 and owns a 49% stake. Les Foreman, a former West Coast division vice president who worked at Red Lobster for 20 years, . told CNN, "It was miserable working there for the last year and a half I was there.". They didn’t have any idea about running a restaurant company in the United States, Les Foreman, a former West Coast division vice president, to CNN

Red Lobster Says Locations Will Stay Open After Filing For Bankruptcy

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.

Spotify Launches Basic Streaming Plan

Spotify Launches , Basic Streaming Plan. The streaming company announced the new "Basic" plan on June 21, TechCrunch reports. It will cost $10.99 per month, but it won't grant access to audiobooks. . Other than that, the Premium benefits will remain the same. . The news comes after Spotify raised its Premium plan price to $11.99 a few weeks ago. . The new "Basic" plan could be the first of a few new subscription tiers, TechCrunch reports. Spotify is reportedly developing a "Supremium" plan at the moment which would grant access to high-fidelity audio. According to 'Bloomberg,' that tier will cost a minimum of $5 more each month. The streaming giant reported a 20% revenue increase in April. It also saw Premium subscriptions increase by 14%. Spotify's Q2 2024 earnings are expected to be released on July 24

Britain Overtakes France to Reclaim Stock Market Crown

Britain Overtakes France , to Reclaim Stock Market Crown. The overall value of listings on the London Stock Exchange (LSE) reached $3.18 trillion on June 17, BBC reports. That number surpassed the $3.13 trillion value of companies listed in France, according to Bloomberg data. . While both valuations have fluctuated since June 17, they remain close. Analysts consider the development to be a milestone, BBC reports. . The French market has dipped due to uncertainty surrounding France's election, analysts say. . Earlier this month, French President Emmanuel Macron called a snap election following the National Rally's victory in the European elections. Earlier this month, French President Emmanuel Macron called a snap election following the National Rally's victory in the European elections. Susannah Streeter, head of Hargreaves Lansdown's money and markets, said that the right-wing party's manifesto supports "unfunded spending.". "They are not so focused about winning over the market," she said. In 2016, the LSE was worth nearly $1.4 trillion more than its French rival. It held its position as Europe's largest stock market for several years before being overtaken in November 2022