Category: Banking News (Page 1 of 253)

A Popular Breakfast Restaurant Now Makes Unexpected Closures

A popular breakfast restaurant now makes unexpected closures in the same state after profitability was impacted by inflation.

Denny’s has shut down two locations in Idaho – one in Boise and the other in Nampa.

Each of the location’s Facebook pages has them listed as permanently closed.

The news comes after a recent company earnings call where Denny’s’ Executive Vice President and Chief Financial Officer, Robert Verostek, confirmed it will be closing around 60 locations.

Verostek mentioned that inflation impacted the company’s profitability calling the financial losses a “break point of a closure.

“So we are continuing to work through some additional closures that as a result of those inflationary pressures,” he added.

Most of the Denny’s locations operate as franchises.

In fact, the chain’s website states that there are 1,631 restaurants, 1,558 of which were franchised and licensed.

While the company plans to close around 50 to 70 locations, Verostek said in the earnings call that there will also be new restaurants opening.

Verostek said that there will be about 40 to 50 openings.

However, 12 to 16 of those will be Keke’s.

This isn’t the first closure Denny had to make in Idaho.

The restaurant closed up shop at a location in Chubbuck – the southeastern portion of the state.

Denny’s confirmed it served its last Grand Slam back on February 11.

Additionally, they noted that the decision to shutter was made by the owner of that location, not by the company itself.

“Deciding to close a restaurant is never an easy decision, and that decision was made by the local owner,” Denny’s wrote.

The nearest location was about 50 miles from Chubbuck, however, that restaurant closed only four months prior.

Another location out of Oakland, California shut its doors back in January.

Customers walked up to the restaurant on 601 Hegenberger Road to a sign on the door after it closed at 1 pm.

The sign explained the reason for the closure.

“Closing a restaurant location is never an easy decision or one taken lightly,” it read.

That location had been open for 54 years.

Also Read: A Massive Discount Retailer Is Now Closing 600 Stores

Other Economy News Today

Market News Today - A Popular Breakfast Restaurant Now Makes Unexpected Closures.
Market News Today – A Popular Breakfast Restaurant Now Makes Unexpected Closures.

A beloved retailer with 600 outlets now announces an unexpected closure of one of its major locations in California.

Barnes & Noble announced that they are closing down its Merced, California location, which is said to be one of the biggest stores in the city.

The 21,714-square-foot store’s final day will be May 12, according to the manager.

The Barnes & Noble store almost shut down in 2013, before the landlord agreed to reduce the lease to allow it to stay open, reports The-Sun.

Members of the community were shocked to hear the news of the bookstore’s closing.

“It’s my understanding that they will be putting up ‘store closing’ signs relatively soon and closing up,” Merced Mayor Matthew Serratto told Merced Sun-Star.

“It’s terrible news. You want to see all businesses thrive in our community, especially a store like that which provides a valuable service.”

Merced City Council Member Sarah Boyle also revealed she was heartbroken by the closure.

“I’m extremely sad to hear the news,” Boyle said.

“Part of it is because I actually worked there while I was going to Merced College back in 2010 before transferring to Fresno State.”

“Some of the people I worked with are still there today. Now that I’m in the capacity of city council, I’m disheartened to hear it’s happening.”

After hearing about the news, Boyle reached out to the managers of the location, where they revealed that Barnes & Noble would love to find another location in the area.

“My hope that this is a similar situation to Best Buy, when they closed and eventually opened another store in Merced,” Boyle said.

“Talking to the local manager, Barnes & Noble wants to stay in Merced.

What I’ve been told is they still want to be in the Merced market.

They never wanted to close. They have to find another, smaller location that suits them.”

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Also Read: A Giant Company Now Announces Unexpected Layoffs in Maryland

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Market News Today - A Popular Breakfast Restaurant Now Makes Unexpected Closures.
Market News Today – A Popular Breakfast Restaurant Now Makes Unexpected Closures.

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Retailer With 600 Outlets Now Announces An Unexpected Closure

A beloved retailer with 600 outlets now announces an unexpected closure of one of its major locations in California.

Barnes & Noble announced that they are closing down its Merced, California location, which is said to be one of the biggest stores in the city.

The 21,714-square-foot store’s final day will be May 12, according to the manager.

The Barnes & Noble store almost shut down in 2013, before the landlord agreed to reduce the lease to allow it to stay open, reports The-Sun.

Members of the community were shocked to hear the news of the bookstore’s closing.

“It’s my understanding that they will be putting up ‘store closing’ signs relatively soon and closing up,” Merced Mayor Matthew Serratto told Merced Sun-Star.

“It’s terrible news. You want to see all businesses thrive in our community, especially a store like that which provides a valuable service.”

Merced City Council Member Sarah Boyle also revealed she was heartbroken by the closure.

“I’m extremely sad to hear the news,” Boyle said.

“Part of it is because I actually worked there while I was going to Merced College back in 2010 before transferring to Fresno State.”

“Some of the people I worked with are still there today. Now that I’m in the capacity of city council, I’m disheartened to hear it’s happening.”

After hearing about the news, Boyle reached out to the managers of the location, where they revealed that Barnes & Noble would love to find another location in the area.

“My hope that this is a similar situation to Best Buy, when they closed and eventually opened another store in Merced,” Boyle said.

“Talking to the local manager, Barnes & Noble wants to stay in Merced.

What I’ve been told is they still want to be in the Merced market.

They never wanted to close. They have to find another, smaller location that suits them.”

For more news and updates like this, opt-in for push notifications.

Also Read: A Giant Company Now Announces Unexpected Layoffs in Maryland

Other Economy News Today

Market News Today - Retailer With 600 Outlets Now Announces An Unexpected Closure.
Market News Today – Retailer With 600 Outlets Now Announces An Unexpected Closure.

A massive chain with 6,805 locations now begins to close more stores, giving locals in the area less options, sources confirm.

Pizza Hut is closing down another location, leaving fans with fewer options in New York.

The Pizza Hut in Glens Falls on 12 Hudson Avenue closed yesterday, according to WTEN, the ABC affiliate in Albany, New York.

Several other locations in the capital area closed in June 2023 including Ballston Spa, Johnstown, and Cobleskill.

There are only around 12 Pizza Hut stores remaining in the Albany area.

The locations include:

  • Latham, 675 Troy Schenectady Road
  • Troy, 849 Second Avenue
  • Pizza Hut Express at 204 Saratoga Road in Glenville
  • Queensbury, 97 Main Street
  • Clifton Park, 1689 Route 9
  • Pizza Hut Express inside Target in Amsterdam
  • Fort Edward, 354 Broadway

In October 2023, an Arkansas-based coffee shop drive-thru opened at the former Johnstown Pizza Hut location.

Ted’s Fish Fry announced it plans to open a new location at the Ballston Spa Pizza Hut.

The closure follows multiple delivery driver layoffs in California stores as the company geared up for a minimum wage increase, reports The-Sun.

The increase kicks in this April, aiming to balance out the cost of living for many California residents.

It pushed many Pizza Hut franchises to depend on delivery driver apps like Uber Eats, DoorDash, and GrubHub.

The pizza joint also closed down 300 of its underperforming stores last year after a franchise owner declared bankruptcy.

One of Pizza Hut’s major franchise owners is NPC International, which filed for Chapter 11 bankruptcy in 2020.

A Pizza Hut spokesperson previously told The U.S. Sun the New York locations closing down had no link to NPC International’s bankruptcy.

For more news and updates like this, opt-in for push notifications.

Also Read: A Healthcare Service Company Now Announces Unexpected

Market News Published Daily 📰

Market News Today - Retailer With 600 Outlets Now Announces An Unexpected Closure.
Market News Today – Retailer With 600 Outlets Now Announces An Unexpected Closure.

Don’t forget to opt-in for push notifications so you don’t miss a single article!

Also, thank you to all of our blog sponsors.

This year we’ve been able to increase push notifications slots making it more convenient than ever for new readers to receive their daily market news and updates.

Scroll below to view my stock purchases this month!

You can also follow me on X (Twitter)InstagramFacebook, or LinkedIn for daily news and updates on your favorite stories.


Frank Nez’s Stock Portfolio

Wondering which stocks Frank Nez is holding? Which stocks is Frank Nez buying?

Frank Nez is now sharing his exclusive and personal stock portfolio with readers, only on the Patreon.

11/16/2023 – Today I invested $1,000 in two different stocks for a brand new stock dividend portfolio I am creating for 2024.



A Massive Chain with 6,805 Locations Now Begins To Close

A massive chain with 6,805 locations now begins to close more stores, giving locals in the area less options, sources confirm.

Pizza Hut is closing down another location, leaving fans with fewer options in New York.

The Pizza Hut in Glens Falls on 12 Hudson Avenue closed yesterday, according to WTEN, the ABC affiliate in Albany, New York.

Several other locations in the capital area closed in June 2023 including Ballston Spa, Johnstown, and Cobleskill.

There are only around 12 Pizza Hut stores remaining in the Albany area.

The locations include:

  • Latham, 675 Troy Schenectady Road
  • Troy, 849 Second Avenue
  • Pizza Hut Express at 204 Saratoga Road in Glenville
  • Queensbury, 97 Main Street
  • Clifton Park, 1689 Route 9
  • Pizza Hut Express inside Target in Amsterdam
  • Fort Edward, 354 Broadway

In October 2023, an Arkansas-based coffee shop drive-thru opened at the former Johnstown Pizza Hut location.

Ted’s Fish Fry announced it plans to open a new location at the Ballston Spa Pizza Hut.

The closure follows multiple delivery driver layoffs in California stores as the company geared up for a minimum wage increase, reports The-Sun.

The increase kicks in this April, aiming to balance out the cost of living for many California residents.

It pushed many Pizza Hut franchises to depend on delivery driver apps like Uber Eats, DoorDash, and GrubHub.

The pizza joint also closed down 300 of its underperforming stores last year after a franchise owner declared bankruptcy.

One of Pizza Hut’s major franchise owners is NPC International, which filed for Chapter 11 bankruptcy in 2020.

A Pizza Hut spokesperson previously told The U.S. Sun the New York locations closing down had no link to NPC International’s bankruptcy.

For more news and updates like this, opt-in for push notifications.

Also Read: A Healthcare Service Company Now Announces Unexpected Layoffs

Other Economy News Today

Market News Today - Beloved Restaurant Chain Is Now At High Risk of Bankruptcy
Market News Today – A Massive Chain with 6,805 Locations Now Begins To Close.

A beloved restaurant chain is now at high risk of bankruptcy after multiple CEOs have repeatedly made the same mistake.

Red Lobster president Edna Morris lost her job after she misjudged how much customers would eat during a $22.99 all-you-can-eat crab promotion.

The chain lost millions on her miscalculation.

“It wasn’t the second helping on all-you-can-eat but the third,” then Chairman Joe R. Lee told analysts, during a Darden earnings call back when that brand owned Red Lobster.

“And maybe the fourth,” added former Chief Operating Officer Dick Rivera.

Amazingly, the company repeated the same mistake under Its current owner Thai Union Group, reports TheStreet.

The seafood chain used an all-you-can-eat shrimp offer as a way to bring people into the restaurant.

It worked, but at $20, it was priced too low for the company to make money on the deal.

That deal is still on the menu, but the price has been raised to $25.

Now, the struggling chain has replaced its CEO Horace Dawson, who is retiring, with Jonathan Tibus, managing director of management consultant Alvarez & Marsal.

Tibus is considered a turnaround expert who helped Kona Grill and Krystal through their Chapter 11 bankruptcy filings.

Thai Union Group has already shared that it intends to divest itself of the Red Lobster brand.

“During the past years, the combination of Covid-19 pandemic, sustained industry headwinds, higher interest rates and rising material and labor costs have impacted to Red Lobster business resulting in prolonged negative financial contributions to the company and its shareholders,” Thai Union said in a Jan. 16 media release.

“After detailed analysis, the board of directors has determined that Red Lobster’s ongoing financial requirements no longer align with our capital allocation priorities and therefore the company is pursuing an exit of the minority investment.”

FoodserviceResults CEO Darren Tristano believes the company is headed toward a resolution.

“It appears that Red Lobster is planning for a turnaround, bankruptcy, or fire sale,” he told SeafoodSource.

Red Lobster is now considered a “zombie brand,” Tristano said.

“[Red Lobster] continues to wander aimlessly looking for direction,” he said.

Thai Union Group has said it does not expect to make any money on a sale of the brand and has already taken a $527 million writedown.

“Because Red Lobster has not yet named a new buyer, it would appear that bankruptcy would be the best option followed by a sale after the balance sheet gets cleaned up,” Tristano added.

For more news and updates like this, opt-in for push notifications.

Also Read: A Giant Company Now Announces Unexpected Layoffs in Maryland

Market News Published Daily 📰

Market News Today - A Massive Chain with 6,805 Locations Now Begins To Close.
Market News Today – A Massive Chain with 6,805 Locations Now Begins To Close.

Don’t forget to opt-in for push notifications so you don’t miss a single article!

Also, thank you to all of our blog sponsors.

This year we’ve been able to increase push notifications slots making it more convenient than ever for new readers to receive their daily market news and updates.

Scroll below to view my stock purchases this month!

You can also follow me on X (Twitter)InstagramFacebook, or LinkedIn for daily news and updates on your favorite stories.


Frank Nez’s Stock Portfolio

Wondering which stocks Frank Nez is holding? Which stocks is Frank Nez buying?

Frank Nez is now sharing his exclusive and personal stock portfolio with readers, only on the Patreon.

11/16/2023 – Today I invested $1,000 in two different stocks for a brand new stock dividend portfolio I am creating for 2024.



A Giant Company Now Announces Unexpected Layoffs in Ohio

A giant company now announces unexpected layoffs in Ohio after providing workers with a notice of several store closures.

It’s important to note that the Worker Adjustment and Retraining Notification Act requires an employer with more than 100 full-time workers to provide a 60-day notice before laying off 50 or more people at a single site.

Yesterday, Dollar General advised they were laying off a total of 265 staff across several locations in Ohio.

“Family Dollar Stores of Ohio is providing notice that it intends to close multiple stores in Ohio and that the closing of stores will involve in the separation from employment of some or all of the 265 employees who work at the closing stores.

The company plans to end the employment of the closing stores’ employees on or about April 20, 2024.

However, to the extent feasible and subject to availability, the Company will attempt to offer positions at nearby stores to employees of the closing stores who express interest in new positions,” the company stated.

Dollar General isn’t the only business laying off in Ohio.

Below is the latest and most up-to-date list of businesses laying off in Ohio this year:

  • Bionano Genomics. 2 job cuts by 5/24.
  • Associated Materials LLC. 184 job cuts by 5/20.
  • Amsive LLC. 60 job cuts by 5/17.
  • First Student Transportation LLC. 81 job cuts by 6/30.
  • Nestle USA. 254 job cuts by 3/29.
  • Sid Tool Company. 130 job cuts by 5/14.
  • Brightview Landscapes, LLC. 86 job cuts by 5/1.
  • IAC Wauseon. 175 job cuts by 4/26.
  • Decorative Panels International Inc. 76 job cuts by 5/31.
  • Commercial Vehicle Group, Inc. 79 job cuts by 6/28.
  • Genpact. 64 job cuts by 4/12.
  • Walmart. 177 job cuts by 5/3.
  • Linamar Structures USA. 106 job cuts by 4/1.
  • ZIN Technologies, Inc. 122 job cuts by 3/31.
Layoffs in Ohio 2024.
Layoffs in Ohio 2024.

For more news and updates like this, opt-in for push notifications.

Also Read: A Healthcare Service Company Now Announces Unexpected Layoffs

Share this article 👇

Other Economy News Today

Market News Today - A Giant Company Now Announces Unexpected Layoffs in Ohio.
Market News Today – A Giant Company Now Announces Unexpected Layoffs in Ohio.

A beloved restaurant chain is now at high risk of bankruptcy after multiple CEOs have repeatedly made the same mistake.

Red Lobster president Edna Morris lost her job after she misjudged how much customers would eat during a $22.99 all-you-can-eat crab promotion.

The chain lost millions on her miscalculation.

“It wasn’t the second helping on all-you-can-eat but the third,” then Chairman Joe R. Lee told analysts, during a Darden earnings call back when that brand owned Red Lobster.

“And maybe the fourth,” added former Chief Operating Officer Dick Rivera.

Amazingly, the company repeated the same mistake under Its current owner Thai Union Group, reports TheStreet.

The seafood chain used an all-you-can-eat shrimp offer as a way to bring people into the restaurant.

It worked, but at $20, it was priced too low for the company to make money on the deal.

That deal is still on the menu, but the price has been raised to $25.

Now, the struggling chain has replaced its CEO Horace Dawson, who is retiring, with Jonathan Tibus, managing director of management consultant Alvarez & Marsal.

Tibus is considered a turnaround expert who helped Kona Grill and Krystal through their Chapter 11 bankruptcy filings.

Thai Union Group has already shared that it intends to divest itself of the Red Lobster brand.

“During the past years, the combination of Covid-19 pandemic, sustained industry headwinds, higher interest rates and rising material and labor costs have impacted to Red Lobster business resulting in prolonged negative financial contributions to the company and its shareholders,” Thai Union said in a Jan. 16 media release.

“After detailed analysis, the board of directors has determined that Red Lobster’s ongoing financial requirements no longer align with our capital allocation priorities and therefore the company is pursuing an exit of the minority investment.”

FoodserviceResults CEO Darren Tristano believes the company is headed toward a resolution.

“It appears that Red Lobster is planning for a turnaround, bankruptcy, or fire sale,” he told SeafoodSource.

Red Lobster is now considered a “zombie brand,” Tristano said.

“[Red Lobster] continues to wander aimlessly looking for direction,” he said.

Thai Union Group has said it does not expect to make any money on a sale of the brand and has already taken a $527 million writedown.

“Because Red Lobster has not yet named a new buyer, it would appear that bankruptcy would be the best option followed by a sale after the balance sheet gets cleaned up,” Tristano added.

For more news and updates like this, opt-in for push notifications.

Also Read: A Healthcare Service Company Now Announces Unexpected Layoffs

Market News Published Daily 📰

Market News Today - A Giant Company Now Announces Unexpected Layoffs in Ohio.
Market News Today – A Giant Company Now Announces Unexpected Layoffs in Ohio.

Don’t forget to opt-in for push notifications so you don’t miss a single article!

Also, thank you to all of our blog sponsors.

This year we’ve been able to increase push notifications slots making it more convenient than ever for new readers to receive their daily market news and updates.

Scroll below to view my stock purchases this month!

You can also follow me on X (Twitter)InstagramFacebook, or LinkedIn for daily news and updates on your favorite stories.


Frank Nez’s Stock Portfolio

Wondering which stocks Frank Nez is holding? Which stocks is Frank Nez buying?

Frank Nez is now sharing his exclusive and personal stock portfolio with readers, only on the Patreon.

11/16/2023 – Today I invested $1,000 in two different stocks for a brand new stock dividend portfolio I am creating for 2024.



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