A massive restaurant is now closing another 6 locations after the company filed for chapter 11 bankruptcy earlier this year.
Red Lobster is facing financial struggles and has filed for bankruptcy, forcing the chain to potentially close over 100 locations.
The seafood chain confirmed six more locations at risk of closing, including the Red Lobster at an iconic location.
Red Lobster filed for bankruptcy on May 19 thanks to its high levels of debt.
The seafood chain has an estimated $1 billion to $10 billion in debt and less than $30 million available, per a court filing.
Nearly 50 restaurants have already closed, and the chain confirmed an additional six New York locations at risk of closure, including the iconic location in Times Square.
The following New York Red Lobsters may face the chopping block, per CNN:
- 2090 Bartow Avenue, Bronx
- 801 Sunrise Highway, Copiague
- 295 East Fairmount Avenue, Lakewood
- 5 Times Square, Manhattan
- 750 Upper Glen Street, Queensbury
- 2220 Nesconset Highway, Stony Brook
Three locations in New Jersey are also at risk:
- 3003 Route 130 South, Delran
- 4411 Black Horse Pike, Mays Landing
- 211 Route 17 South, Paramus
Plus, one restaurant in Connecticut may potentially close:
- 320 Universal Drive North, North Haven
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Also Read: An Unexpected Retailer Is Now Closing All Stores in Illinois
Other Economy News Today
An unexpected restaurant now abruptly closes 7 locations in one state after revealing plans to shutter a total of 36.
TGI Fridays is closing a total of seven restaurants in one state as part of the company’s ongoing growth strategy.
This comes after the chain abruptly closed 36 locations across 12 states in at the beginning of the year, per The-Sun.
The restaurant chain will pull the plug on seven locations across the state of New Jersey in the coming weeks.
Today, Fridays will welcome in famished diners at its location in Brick for the final time.
“As we continue along our path of transformation to revitalize the Fridays brand and implement a long-term growth strategy, we see a bright future for TGI Fridays,” said Weldon Spangler, CEO of TGI Fridays earlier this week.
“We are at the helm of a pivotal moment that will allow us to explore boundless advancement, expansion, and innovation to keep delivering ‘That Fridays Feeling’ that our fans know and love.”
Before the closures, TGI Fridays had about 270 US locations, according to the company’s website.
“As part of the store closures, TGI Fridays is offering more than 1,000 transfer opportunities, which represents over 80% of total impacted employees,” the company previously said in a statement.
“Our top priority has always been delivering a superior experience for each and every TGI Fridays guest, and we’ve identified opportunities to optimize and streamline our operations to ensure we are best positioned to meet – and exceed – on that brand promise,” said Ray Risley, US president and chief operating officer, in the release.
Eight other locations were sold to former CEO Ray Blanchette, a longtime stakeholder who will acquire the previously corporate-owned restaurants.
The sale comes as major changes have been made to the brand’s leadership, including the news of Weldon Spangler being made CEO.
“As we continue along our path of transformation to revitalize the Fridays brand and implement a long-term growth strategy, we see a bright future for TGI Fridays,” said Spangler in a statement.
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