Category: Market News (Page 1 of 584)

A Massive Restaurant is Now Closing Another 6 Locations

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

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

Also Read: An Unexpected Retailer Is Now Closing All Stores in Illinois

Other Economy News Today

Market News Today - A Massive Restaurant is Now Closing Another 6 Locations.
Market News Today – A Massive Restaurant is Now Closing Another 6 Locations.

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.

Also Read: Retirees Will Now Receive More Money For Social Security

Market News Published Daily 📰

Market News Today - A Massive Restaurant is Now Closing Another 6 Locations.
Market News Today – A Massive Restaurant is Now Closing Another 6 Locations.

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Beloved Grocery Store Now Makes An Unexpected Closure in Pennsylvania

A beloved grocery store now makes an unexpected closure in Pennsylvania after serving its community for more than 70 years.

Part of the Independent Grocers Alliance, or IGA, the supermarket announced a closure in a heartfelt Facebook post.

Founded in 1916, Ferri’s IGA Supermarket is a family-run chain of grocery stores.

The store in Murrysville, Pennsylvania – roughly 20 miles from Pittsburgh – shut down last month, per local ABC affiliate WTAE-TV.

“It’s brought tears to my eyes more than once, more than a few times. It’s tough because I grew up here. I grew up in the store,” said store owner Dan Ferri.

His family purchased the space in 1954 when his brothers returned from the Korean War.

“My oldest brother had always wanted his own store, so they found this little location in Murrysville, it was a general store, really not much,” said Ferri.

“There was two old gas pumps out front that hadn’t worked for years.

The place was really a rickety mess, but my brother had wanted it and my dad offered his life savings so he could buy it.”

After operating for seven decades, the Murrysville store shut its doors on May 31.

There are 717 Ferri’s IGA Supermarkets across the US, according to ScrapeHero.

In a letter to customers posted on Facebook, the Ferri family shared a heartfelt post about the closure and the contributing factors.

“It is with a heavy heart that we must announce the closure of Ferri’s Supermarket at the end of May 2024,” began the letter.

“After much consideration, we have reached a point where we can no longer sustain operations.”

It noted that it has become increasingly difficult to operate in the retail industry, especially for supermarkets.

The owners cited small profit margins and tough competition, saying, “The economic landscape has shifted in ways that have made it difficult for small, independent supermarkets like ours to thrive.”

The family’s letter also shared that the early departure of Mainline Pharmacy made “a significant blow to our business,” resulting in a major sales decline after the grocer failed to find a replacement.

“To our loyal customers, we extend our sincerest appreciation for your support and patronage over the years,” said the family.

“Your trust and loyalty have meant the world to us, and we will cherish the memories of serving you each week at Ferri’s Supermarket.”

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

Also Read: An Unexpected Retailer Is Now Closing All Stores in Illinois

Other Economy News Today

Market News Today - Beloved Grocery Store Now Makes An Unexpected Closure in Pennsylvania.
Market News Today – Beloved Grocery Store Now Makes An Unexpected Closure in Pennsylvania.

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.

Also Read: Retirees Will Now Receive More Money For Social Security

Market News Published Daily 📰

Market News Today - Beloved Grocery Store Now Makes An Unexpected Closure in Pennsylvania.
Market News Today – Beloved Grocery Store Now Makes An Unexpected Closure in Pennsylvania.

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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.

Our readers can now donate $3 per month to support independent journalism.

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A Famous Mall Retailer is Now Closing Four More Locations

A famous mall retailer is now closing four more locations as it has struggled to stay afloat amidst its resurrection from bankruptcy.

JCPenney closed about 20% of its stores as part of its 2020 bankruptcy.

But the chain, which operates 633 stores — most of which are mall anchors — has continued to struggle under its new ownership, reports TheStreet.

Sales have been dropping significantly.

The company’s fourth-quarter net income fell 8.9% to $41 million and net sales dropped 5.9% from a year earlier to $2.3 billion, according to a Securities and Exchange Commission filing.

Sales dropped 8.9% for the full year to $6.9 billion with net income dropping more than 86%.

At the time, the company hinted at making some cost-saving changes.

“We are carefully managing risk to ensure the stability of our business if the retail environment is challenged in the balance of 2024,” the chain said in an email to RetailDive.

While J.C. Penney executives have talked about the opportunity to open more stores, the company has actually decided to close four locations.

“Regretfully, we are unable to continue our current lease terms for these store locations and have been unable to find suitable locations in the market,” the company said in a media statement.

“We are grateful to our dedicated associates and the loyal customers who have shopped at these locations throughout the years.

We continue to work to make every dollar count for America’s diverse, working families and welcome them to shop at our other JCPenney stores in the area and at JCPenney.com.”

The four locations are anchor stores at the Shoppes at Bel Air in Mobile, Ala., Sikes Senter in Wichita Falls, Texas; and Elm Plaza in Waterville, Maine.

The JCPenney at the Westfield Annapolis Mall in Annapolis, Md., will close in 2025, according to RetailDive.

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

Also Read: An Unexpected Retailer Is Now Closing All Stores in Illinois

Other Economy News Today

Market News Today - A Famous Mall Retailer is Now Closing Four More Locations.
Market News Today – A Famous Mall Retailer is Now Closing Four More Locations.

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.

Also Read: Retirees Will Now Receive More Money For Social Security

Market News Published Daily 📰

Market News Today - A Famous Mall Retailer is Now Closing Four More Locations.
Market News Today – A Famous Mall Retailer is Now Closing Four More Locations.

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.

Our readers can now donate $3 per month to support independent journalism.

For daily news and updates on your favorite stories, opt-in for push notifications.

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Support Independent Journalism ✍🏻

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In-N-Out Prices Now Surge Due to California’s Minimum Wage

In-N-Out prices now surge due to California’s minimum wage increase according to a report published by The Orange County Register.

An In-N-Out Double-Double with fries and a drink now averages over $10 in California – before tax.

The latest price increase is because of the state’s new $20-per-hour minimum wage for fast food workers.

Concurrently, an increasing number of cities are considering raising their sales tax, reports The Register.

The wage increase, signed into law by Governor Gavin Newsom in September 2023, applies to fast-food chains with at least 60 locations.

Its impact is already reverberating through the industry, with major chains like Wendy’s, Chipotle, and Starbucks raising prices by up to 8% since April.

In-N-Out has historically paid its workers well.

It is also worth billions, owns most of its locations, and has flexibility because it’s a private company.

“Only one In-N-Out has ever closed and that was because of the obscene crime in Oakland.

So, In-N-Out isn’t going anywhere.

However, other businesses and many Californians aren’t as fortunate,” reports TOCR.

Angry customers have taken to Facebook to share their thoughts on the price hikes.

“The new normal sadly,” wrote one.

“Nah, not In-N-Out too,” said another.

“I’m just going to have to start cooking.”

But others said they would stay loyal to the famous chain.

One wrote: “This will not stop me from going!

“Their burgers are better than some other places and they treat their employees well. Great company!”

“That’s not a bad price. It’s worth it,” agreed another.

In-N-Out is far from the only chain that has increased menu prices in response to the new law.

Menu prices have risen by as much as 8.3% at restaurants like Chipotle, a study found.

Franchisees at Wendy’s chose to raise menu prices by an average of 8%, while others have made smaller price increases, including Taco Bell, reported at 3%, and Burger King, at 2%.

For store closure news and updates, opt-in for push notifications.

Also Read: An Unexpected Retailer Is Now Closing All Stores in Illinois

Other Economy News Today

Market News Today - In-N-Out Prices Now Surge Due to California's Minimum Wage.
Market News Today – In-N-Out Prices Now Surge Due to California’s Minimum Wage.

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.

Also Read: Retirees Will Now Receive More Money For Social Security

Market News Published Daily 📰

Market News Today - In-N-Out Prices Now Surge Due to California's Minimum Wage.
Market News Today – In-N-Out Prices Now Surge Due to California’s Minimum Wage.

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.

Our readers can now donate $3 per month to support independent journalism.

For daily news and updates on your favorite stories, opt-in for push notifications.

Follow Frank Nez on X (Twitter)Instagram, or Facebook.


Support Independent Journalism ✍🏻

Support independent journalism for just $3 per month!

Your contributions help power Franknez.com as the cost of widgets and online tools continue to rise.

Thank you for your support!



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