Tag: Business News (Page 1 of 511)

Popular Restaurant Now Makes A Painful Closure Due to Inflation

A popular restaurant now makes a painful closure due to inflation, citing the soaring cost of goods has triggered its last store to shutter.

Mr. Powdrell’s Barbeque has been serving delicious BBQ for over seven decades in Albuquerque.

But now, the owners have shared their decision to shutter their well-known restaurant on 4th Street.

The restaurant’s final day in business will be June 29.

Opened in 1984, that particular Mr. Powdrell’s location is listed on the National Register of Historic Places.

Powdrell’s is hosting one last goodbye party, as announced on their Facebook.

“To honor the legacy of Mr. Powdrell’s, The Company has organized a Closing Celebration on Thursday, July 4th, from 10:30 am to 5:00 pm at the 5209 4th Street location, to commemorate the legacy of Mr. Powdrell’s,” they said in a post.

But all hope isn’t lost for fans of the hotspot’s sauce.

The statement from the company shared their hope to continue distributing the BBQ – including their famous sauce.

First opening their doors in 1962, Catherine and Pete Powdrell were chasing a better life for themselves, leaving behind their native West Texas.

“The times were very segregated and it had limited horizons for us,” Joe Powdrell, now CEO of Mr. Powdrell’s Barbeque, told local NBC affiliate KOB-TV.

“Dad, mom, young parents, a bunch of kids, we had family in New Mexico here, as early as the 1930s beckoning us to come here,” he said.

“So we came and cranked up our barbeque.”

In serving locals, they created a reputation that attracted the likes of celebrities and other famous figures.

“You know Spike Lee,” Powdrell said, pointing to a picture of Lee and his family at the restaurant.

“Danny Glover is another one,” he said proudly.

“Yolanda King, Martin Luther King Jr.’s daughter. Malcolm X’s daughter. I mean, they were here at the same time,” he continued.

Joe went to The University of New Mexico, where he met his wife, Rita.

He later served in Vietnam and then went on to work as a schoolteacher in California.

After deciding to move back to Albuquerque in the 1970s, the couple joined Joe’s brother, Pete, in the family business.

“We opened up a location downtown in 1979, and I was in an owner-manager position then and stayed there for four years,” he explained,

“We had another move to a place over on Montgomery and San Pedro and then we came here in 1984.”

But not even a place with this much history and significance could outpace inflation and the pandemic.

“COVID examined all of what we needed to know,” said Powdrell.

“The rise and change in society, the rise in prices, it’s been challenging, not only to us but to other businesses,” he said.

“It’s challenging business, period.”

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 - Popular Restaurant Now Makes A Painful Closure Due to Inflation.
Market News Today – Popular Restaurant Now Makes A Painful Closure Due to Inflation.

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 - Popular Restaurant Now Makes A Painful Closure Due to Inflation.
Market News Today – Popular Restaurant Now Makes A Painful Closure Due to Inflation.

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!



A Massive Chain Who Closed 300 Locations Now Closes More

A massive chain who closed 300 locations now closes more stores causing an uproar amongst customers and employees alike.

Pizza Hut has shuttered eight locations across two states, leaving fans in a frenzy.

The chain closed 300 locations in 2020 after a franchise owner declared bankruptcy.

The abrupt closings caused uproar on Friday, with customers and staff claiming they were not warned.

Several managers at the closing restaurants took to Facebook to inform fans of the shutdowns.

At least four took place in northwestern Indiana.

The state’s shuttering Pizza Huts include locations in Valparaiso, Crown Point, Griffith, and Hobart, according to posts from staff.

“It is with a heavy heart that I share the news that all Pizza Hut locations in NW Indiana, including our beloved Valparaiso store, have been closed,” wrote a general manager on Pizza Hut’s official Facebook account.

“Thank you all for your continued support. I hope one day to see you all again in some form or fashion.”

Another manager at Crown Point issued a similar message, noting “everyone has been let go.”

“I’m not sure what will happen going forward…” they added.

A former staffer at the Griffith and Hobart locations also said they were “in shock” after being notified about the closures and claimed there was “no warning at all to employees.”

Pizza Hut is owned Yum Brands Inc.

The chain’s nationwide locations are operated by several different franchisees.

One of the largest franchise owners in Indiana, EYM Group, would not confirm whether its locations were among the ones that closed.

Pizza Hut filed a lawsuit against EYM Group for breach of contract earlier this month, per court documents obtained by The U.S. Sun.

It’s unclear whether or not the legal battle led to the closures.

The U.S. Sun reports that it has contacted EYM Group and Yum Brands for an official comment.

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 Chain Who Closed 300 Locations Now Closes More.
Market News Today – A Massive Chain Who Closed 300 Locations Now Closes More.

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 Chain Who Closed 300 Locations Now Closes More.
Market News Today – A Massive Chain Who Closed 300 Locations Now Closes More.

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!



More Unexpected US Bank Branches Are Now Closing in California

More unexpected US bank branches are now closing in California according to new data from the Office of the Comptroller of the Currency.

Each week the ​Office of the Comptroller of the Currency (OCC) releases a report on bank closures in the US and today two more branches in California have been slated to close.

The new additional US bank branch closures include:

  • Bank of America. 9460 Scranton Rd, San Diego
  • Bank of America. 44411 20th St, East Lancaster

The Bank of America branch closures are joining a long list of branches in California that have closed in 2024 or will be closing soon this year.

Which US bank branches are closing in California?

Below is a list of bank branches slated to close this year in California:

Bank of America

  • 294 Fox Hills Mall, Culver City
  • 8375 Arroyo Circle, Gilroy
  • 1175 Arnold Drive, Martinez
  • 555 The Shops at Mission Viejo, Mission Viejo
  • 72840 Highway 111, Palm Desert
  • 12434 North Main Street, Rancho Cucamonga
  • 14006 Riverside Drive, Sherman Oaks
  • 2020 Lake Tahoe Boulevard, South Lake Tahoe
  • 40750 Winchester Road, Temecula
  • 225 Canyon Crest Dr, Riverside
  • 8949 Clairemont Mesa Blvd, San Diego
  • 7404 Jackson Dr, San Diego
  • 3591 Mission Blvd, Fremont
  • 4054 Macarthur Blvd, Oakland

Capital One

  • 2201 Westwood Boulevard, Los Angeles

First Republic Bank

  • 2800 East Coast Hwy, Corona Del Mar
  • 680 Hartz Avenue, Danville
  • 1200 Prospect Street, La Jolla
  • 211 South J Street, Livermore
  • 1888 Century Park East, Los Angeles
  • 888 South Figueroa Street, Los Angeles
  • 3991 MacArthur Boulevard, Newport Beach
  • 73010 El Paseo, Palm Desert
  • 249 Main Street, Pleasanton
  • 776 El Camino Real, Redwood City
  • 44 Montgomery Street, San Francisco
  • 1625 The Alameda, San Jose
  • 18499 Hesperian Boulevard, San Lorenzo
  • 1111 South El Camino Real, San Mateo
  • 1099 4th Street, San Rafael
  • 1200 State Street, Santa Barbara
  • 431 Wilshire Boulevard, Santa Monica
  • 640 3rd Street, Santa Rosa

JPMorgan

  • 2201 Westwood Boulevard, Los Angeles
  • 640 3rd St, Santa Rosa
  • 776 El Camino Real, Redwood City
  • 44 Montgomery St, San Francisco
  • 1099 4th St, San Rafael
  • 1111 S El Camino Real, San Mateo
  • 1888 Century Park E, Los Angeles
  • 2800 E Coast Hwy, Corona Del Mar
  • 1200 State St, Santa Barbara
  • 888 S Figueroa St, Los Angeles
  • 73010 El Paseo, Palm Desert
  • 431 Wilshire Blvd, Santa Monica
  • 1200 Prospect St, La Jolla
  • 680 Hartz Ave, Danville
  • 249 Main St, Pleasanton
  • 211 S J St, Livermore
  • 1625 The Alameda, San Jose
  • 3991 MacArthur Blvd, Newport Beach

PNC Bank

  • Van Buren Blvd, Riverside

US Bank

  • 400 Oceangate, Long Beach
  • 6040 Telegraph Road, Ventura

Wells Fargo

  • 3480 South La Brea Avenue, Baldwin Hills
  • 1801 North Hacienda Boulevard, La Puente
  • 1335 Webster Street, San Francisco
  • 1150 East Vista Way, Vista
  • 1601 West Capitol Ave, West Sacramento
  • 2485 Notre Dame Blvd, Chico
  • 315 S Beverley Dr, Beverly Hills
  • 4135 Pacific Coast Hwy, Torrance
  • 7847 Lichen Dr, Citrus Heights

For more U.S. Bank Branch Closure news and updates, opt-in for push notifications.

Also Read: A Massive US Bank is Now Closing Credit Cards

Other Economy News Today

Market News Today - More Unexpected US Bank Branches Are Now Closing in California.
Market News Today – More Unexpected US Bank Branches Are Now Closing in California.

A banker is now convicted for stealing money from customers while working at Bank of America over a 10-year period.

The personal banker was arrested after her years-long scam, resulting in nearly $300,000 being stolen, came to light.

Police in Seneca, South Carolina said they received a report in 2013 about missing money from an account with Bank of America.

The victim, who also reported the incident to the Customer Service department, told police he was missing around $30,000.

Investigators worked with Bank of America for several weeks after the crime was reported and learned that an employee who had been stealing money from several people in Oconee County.

The police said the victims would use the Bank of America location in Seneca as their primary bank and Bobbi Cortese was their personal banker.

Seneca Police investigators and the US Secret Service spent nearly a decade doing more interviews.

Meanwhile, Bank of America was given time to complete an internal investigation.

It was revealed that Cortese had stolen nearly $300,000 from four people while working at the bank.

Some of the money was in the victims’ bank accounts for life insurance payouts related to the deaths of their spouses.

Others had a lifetime of earnings that was supposed to be used for their retirement, said police.

Cortese would open accounts under the victims’ names without their knowledge or consent and would perform a “shell game.”

This is when a scammer uses the money from one victim to replace what she stole from another victim.

After investigating further, police said Cortese forged several documents and issued them to the victims to hide the theft.

She committed these acts for about four years while working at the Bank of America, said police.

Cortese was arrested in May 2023 and charged with four counts of breach of trust and two counts of forgery.

She was later fired by the bank, reports The-Sun.

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

Also Read: A Massive Bank Now Freezes Money From Direct Deposits

Market News Published Daily 📰

Market News Today - More Unexpected US Bank Branches Are Now Closing in California.
Market News Today – More Unexpected US Bank Branches Are Now Closing in California.

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!



Massive Mall Retailer is Now Closing A Location in Texas

Another massive mall retailer is now closing a location in Texas after announcing the shutter of three other stores nationwide.

JCPenney has announced the impending closure of four stores, including a major location in Wichita Falls, Texas.

The decision comes as the company grapples with declining sales and a sharp drop in net income, which fell by nearly 90% last year despite the retailer remaining profitable.

The Sikes Center store in Wichita Falls is among the casualties, leaving local residents with one less shopping option.

While no specific closing date has been announced, the company has confirmed that the stores will shut their doors before September 23.

JCPenney cited unfavorable lease terms and the inability to find suitable alternative locations as the primary reasons for the closures.

In a statement, the company expressed gratitude to its dedicated associates and loyal customers who have supported these stores over the years.

This development is part of a larger trend in the retail sector, often referred to as the “retail apocalypse.”

It follows closely on the heels of Macy’s recent announcement to close 150 stores over the next three years, though specific locations have yet to be disclosed.

As retailers continue to adapt to changing consumer habits and economic pressures, the landscape of American shopping centers is likely to see further transformations in the coming months and years.

“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.

“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.”

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 - Massive Mall Retailer is Now Closing A Location in Texas.
Market News Today – Massive Mall Retailer is Now Closing A Location in Texas.

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 - Massive Mall Retailer is Now Closing A Location in Texas.
Market News Today – Massive Mall Retailer is Now Closing A Location in Texas.

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!



« Older posts

© 2024 Franknez.com

Theme by Anders NorenUp ↑