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Red Lobster Announces, Nearly 100 Locations , Will Be Shut Down.<br/>NBC reports that approximately 99 Red Lobster locations <br/>will be auctioned off as the seafood chain faces <br/>questions regarding the company's long-term future.<br/>Founder and CEO of the liquidation firm TAGeX Brands, <br/>Neal Sherman, said he would lead the closure of over <br/>50 locations in a May 13 LinkedIn post.<br/>Sherman said equipment from the <br/>locations will be auctioned off.<br/>Locations will reportedly be closed across <br/>the United States, including Denver, <br/>Indianapolis, California and New York.<br/>On May 14, Restaurant Business Magazine reported <br/>a total of 99 locations would close, representing <br/>about 15% of the company's 700 locations. .<br/>NBC reports that the largest seafood <br/>restaurant in the U.S. has struggled with debt, <br/>unfavorable leases and executive turnover.<br/>The chain's troubles also stem from ill-advised <br/>strategies like an all-you-can-eat-shrimp promotion <br/>in 2023 that resulted in a significant loss.<br/>Earlier in 2024, the chain's largest investor, <br/>Thai Union, announced that it would <br/>seek to exit its position. .<br/>The combination of Covid-19 pandemic, <br/>sustained industry headwinds, higher <br/>interest rates and rising material and <br/>labor costs have impacted Red Lobster, <br/>resulting in prolonged negative <br/>financial contributions to <br/>Thai Union and its shareholders, Thiraphong Chansiri, Thai Union Group’s CEO, via NBC.<br/>After detailed analysis, we have <br/>determined that Red Lobster’s <br/>ongoing financial requirements <br/>no longer align with our capital <br/>allocation priorities and <br/>therefore are pursuing an exit <br/>of our minority investment, Thiraphong Chansiri, Thai Union Group’s CEO, via NBC

Red Lobster Announces Nearly 100 Locations Will Be Shut Down

⏲ 1:31 👁 110.9M

Firstpost

Global Population Crisis: An Economic Time Bomb | Vantage with Palki Sharma

⏲ 6 minutes 41 seconds 👁 63.5K

Sky News

ONS confirms UK economy is no longer in recession

⏲ 4 minutes 51 seconds 👁 7.9K

The health secretary has responded to the findings in the birth trauma report, which found good care is “the exception rather than the rule”. Victoria Atkins said she \

Health Secretary responds to birth trauma report

⏲ 0:43 👁 40.6M

Sky News

Interest rates could go lower than markets expect - BoE governor suggests

⏲ 10 minutes 11 seconds 👁 3.2K

Rishi Sunak

My Vision for Britain | Rishi Sunak Policy Exchange Speech

⏲ 28 minutes 31 seconds 👁 8.3K

U.S. inflation data for April came in broadly in line with analyst estimates Wednesday, breaking a concerning three-month streak of higher-than-expected readings and reigniting hopes for a return to the Federal Reserve’s 2% inflation target. Last month, the Consumer Price Index (CPI) showed a year-over-year increase of 3.4%.

US Inflation Falls As Expected In April, Bolsters Fed Rate Cut Bets

⏲ 0:55 👁 15.1M

MinuteEarth

Which Is Worse: Underpopulation Or Overpopulation?

⏲ 2 minutes 40 seconds 👁 675.5K

Sasha Yanshin

The UK Economy Has Crashed Into A Recession

⏲ 15 minutes 19 seconds 👁 41.6K

<p>Rishi Sunak admitted he felt 'intimidated' on Loose Women.</p>

Rishi Sunak feels 'intimidated' on Loose Women

⏲ 0:33 👁 15.3M

tutor2u

UK Economy Stats for 2022 Exams: (1) Growth and Jobs

⏲ 6 minutes 14 seconds 👁 5.2K

tutor2u

The UK Economy in 2018

⏲ 20 minutes 28 seconds 👁 1.6K

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