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Inflation is drifting down in fits and starts, and so are restaurant menu prices. Diners are more likely to notice stabilizing menu prices at quick-service restaurants than at sit-down ones. But the rate at which all eateries changed their menu prices between the second and third quarters this year plummeted by 26%, the company said. Quick-service restaurants have benefited from slower growth in labor costs, Square found. The company estimates annual inflation faced by quick-service operators at 3.6% as of September, versus 4.3% for restaurants with table service.

Persons: ”, Kelly Esten, Ara Kharazian, Donald Trump, Joe Brusuelas, Trump Organizations: National Restaurant Association, “, Lightspeed Commerce, Wine Trade Alliance, RSM

☆ Red Lobster is bringing back a beloved menu item after emerging from bankruptcy
▼ + stars: | 2024-11-12 | by ( Jordan Valinsky | ) edition.cnn.com time to read: +2 min

New York CNN —Hush puppies, once a staple on Red Lobster’s menu, are coming back. “I expect a stampede into our restaurants because we’re bringing back the hush puppies,” he jokingly added. Also new on the menu are bacon-wrapped scallops, a lobster bisque, a lobster pappardelle and a Parmesan-crusted chicken dish. Red Lobster is also “crafting a new tartar sauce that brings back all the flavors” from its original recipe, according to its Facebook account. CNN has reached out to Red Lobster for additional details.

Persons: Damola Adamolekun, ”, Adamolekun, ” —, haven’t, “, ” Adamolekun, isn’t Organizations: New, New York CNN, NBC News, CNN, Boomers, Fortress Investment Group Locations: New York

Red Lobster is turning to millennial leadership to bring in younger guests, which the chain needs after closing more than 100 of its 640 restaurants earlier this year. Red Lobster has since emerged from bankruptcy, ushering in a new era for the once-major seafood chain. But the deal was costly for Red Lobster — the company lost $11 million from that promotion alone, according to court documents. Thai Union announced in January that it would begin a complete exit from Red Lobster. Now, Red Lobster is trying to balance keeping its loyal customers while trying to shake its stodgy image to attract younger ones.

Persons: who's, Adamolekun, Hottovy, Read, Jim Salera, Fortress, Caitlin Daniel, isn't Organizations: Fortress Investment, NBC, Stephens, Thai Union, Harvard University Locations: Placer.ai

☆ Red Lobster and TGI Fridays are closing. Here’s what’s moving in
▼ + stars: | 2024-11-11 | by ( Nathaniel Meyersohn | ) edition.cnn.com time to read: +5 min

In Watertown, New, York, a former Red Lobster is being converted to a Northern Credit Union bank. And Chick-fil-A is taking over a shuttered Red Lobster in Naples, Florida. Chains like Red Lobster and TGI Fridays filed for bankruptcy this year and closed more than 175 restaurants combined. Red Lobster was driven into bankruptcy by mismanagement under a previous owner, global shrimp supplier Thai Union, while TGI Fridays fell under private equity owner TriArtisan Capital Advisors. Empty booths fill the interior of a Red Lobster restaurant on May 20, 2024 in Austin, Texas.

Persons: Denny’s, Kelli Valade, ”, Jeff Kreshek, hasn’t, Chick, Elijah Nouvelage, Matt Larson, Chris Tomasso, Tomasso, Brandon Bell, Larson Organizations: New, New York CNN, LongHorn, Northern Credit Union, Vacant, Thai Union, TriArtisan Capital Advisors, Federal Realty, Watch, First, Getty, JCPenney, Nordstrom, Green Locations: New York, Woodbridge , Virginia, Watertown , New, York, Naples , Florida, Maryland, California, McDonough , Georgia, Chao, Bel Air , California, Franconia, Virgina, United States, Austin , Texas

☆ TGI Fridays files for bankruptcy
▼ + stars: | 2024-11-02 | by ( Jordan Valinsky | ) edition.cnn.com time to read: +3 min

New York CNN —TGI Fridays Inc., the American casual dining chain, filed for Chapter 11 bankruptcy protection Saturday. The bankruptcy affects TGI Fridays’ parent company, which operates 39 restaurants, and not the franchisees that control the remaining locations. TGI Fridays is privately owned by TriArtisan Capital Advisors, a private equity firm, so financial results aren’t released. In September, TGI Fridays’ operations in the United Kingdom also ran into trouble. TGI Fridays joins Red Lobster and Buca di Beppo chains, both of which filed for Chapter 11 bankruptcy protection in recent months.

Persons: ”, “, Rohit Manocha, ” John Bringardner, Tiffany, aren’t Organizations: New, New York CNN, CNN, TriArtisan Capital Advisors, It’s Locations: New York, Manhattan, United States, United Kingdom

☆ TGI Fridays abruptly closes dozens more locations as a reported bankruptcy nears
▼ + stars: | 2024-10-28 | by ( Jordan Valinsky | ) edition.cnn.com time to read: +2 min

New York CNN —Nearly 50 locations of TGI Fridays abruptly closed within the past week, an ominous sign for the chain as a reported bankruptcy looms. According to TGI Fridays’ store locator, the chain has 164 restaurants remaining as of Monday — a sharp decline from the 213 that were open last week. TGI Fridays didn’t immediately respond to a request for comment about the closures, and a list of the affected locations was not released. At the beginning of the year, TGI Fridays had 270 US locations. The closures come amid reports that TGI Fridays is about to file for bankruptcy.

Persons: John Evans, Evans Organizations: New, New York CNN, Bloomberg, Hawthorn Advisors, CNN Locations: New York, California , Ohio, New York , New Jersey, Florida, Missouri, Columbus , Ohio, Buffalo , New York, Beppo

☆ Store closings have hit their highest level in years. Competition and higher prices crushed them
▼ + stars: | 2024-10-25 | by ( Nathaniel Meyersohn | ) edition.cnn.com time to read: +8 min

“It kept these players alive that couldn’t survive in normal situations.”Competition from juggernauts like Amazon, Walmart, Costco, Home Depot and other big-box retailers has also squeezed smaller chains. In 2017 and 2018, retailers closed a combined 13,400 stores, according to Coresight. Retailers closed a record 9,800 stores in 2019. Around 9,700 stores closed in 2020, according to Coresight. Drug store chains are also shrinking.

Persons: —, ”, Michael Brown, Kearney, ” Brown, Barbara Kahn, Charlotte Russe, Shopko, Ted Decker, Joann Fabric, Denny’s, Kelli Valade, Justin Sullivan, Amazon’s, It’s, ” Kahn, TJ Maxx, TJX Organizations: New, New York CNN, Walgreens, Research, Companies, Consumers, “, Walmart, Costco, Home, ” Retailers, United, University of Pennsylvania’s Wharton School, Coresight, Retailers, Sears, P Global Market Intelligence, CVS, Aid, Marshalls, Aldi Locations: New York, “, Amazon, United States, Gymboree, JCPenney, Tijuana, HomeGoods

☆ Denny's is closing 150 locations in the latest sign of the squeeze on family dining
▼ + stars: | 2024-10-25 | by ( Nora Redmond | ) www.businessinsider.com time to read: +4 min

AdvertisementDenny's is the latest casualty of the squeeze on family dining chains, announcing this week that it plans to close about 150 locations before 2026. "We believe this is absolutely the right thing to do to make our system stronger," Denny's CEO Kelli Valade told investors. "Everyone has lost traffic," Denny's CEO Valade said. The turn toward takeoutThe rise in takeout has also impacted family dining as more customers look to order food in rather than go out. "They are drawing customers away from traditional family dining establishments," Puzhakov said.

Persons: —, Kelli Valade, Valade, Gregg Majewski, Neil Saunders, Tomas Gorny, Gorny, Elijah Puzhakov, Puzhakov Organizations: Service, Securities, Exchange, Craveworthy Brands, McDonald's, KFC Locations: Olive, takeout

☆ What activist hedge fund Starboard wants from Pfizer
▼ + stars: | 2024-10-22 | by ( Alex Nicoll | Kaja Whitehouse | ) www.businessinsider.com time to read: +3 min

Activist hedge fund Starboard has taken a stake in drug giant Pfizer. AdvertisementActivist hedge fund manager Jeff Smith outlined his concerns about drugmaker Pfizer on Tuesday but stopped short of offering a solution — saying that's a job for the board of directors. He also shared a version of the presentation his hedge fund Starboard presented to Pfizer officials at a meeting last week. "We all get measured by our track record," Smith told the crowd. The track record is not great during this period of time in the pharma industry."

Persons: execs, —, Jeff Smith, Smith, Pfizer, It's, I'm Organizations: Pfizer, Service, 13D, pharma Locations: Manhattan, Central, Olive Garden

☆ Red Lobster is a mess. Here’s why the new 35-year-old CEO wanted the job anyway
▼ + stars: | 2024-10-04 | by ( Nathaniel Meyersohn | ) edition.cnn.com time to read: +10 min

Red Lobster's new chief executive Damola Adamolekun during an interview with CNN at a Red Lobster in Long Island, New York, last week. CNNIn Springfield, he first ate at a Red Lobster with his parents and two siblings after church one Sunday. Red Lobster was where he, like millions of Americans, experienced eating lobster and cracking crab legs for the first time. Beyoncé sang about taking a romantic partner to Red Lobster in her 2016 hit song “Formation.”After Red Lobster filed for bankruptcy, Flava Flav ordered the whole menu to try to save the company. Red Lobster closed more than 100 restaurants this year, including a location in Orlando, Florida, shown this year.

Persons: Damola Adamolekun, “, ” Adamolekun, It’s, ”, Adamolekun, Bill Darden, Mills, Chris Rock, Nicki Minaj, Beyoncé, Flav, “ Mr, ” —, Kevin Lamarque, Clarence Otis Jr, RJ Hottovy, Hottovy, Adamolekun’s, ” Hottovy, ’, Red, Phelan M, can’t, John Paulson, Paulson, P.F, Chang’s, Morgan McClure, Fortress, ” McClure, Brandon Bell, isn’t Organizations: New, New York CNN, CNN, Fortress Investment, Fortress, Red, Boomers, Darden, Thai Union Group, Former Red Lobster, Thai Union, As Thai Union, Thai, Brown University, Harvard Business School, Paulson & Co Locations: New York, Long, , New York, Nigeria, Zimbabwe, Netherlands, Springfield , Illinois, United States, Long Island , New York, Springfield, America, Alexandria , Virginia, Olive, Thai Union, Thai, Orlando , Florida, P.F, Chang’s, Columbia , Maryland, New York City, Scottsdale , Arizona, Austin , Texas

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☆ I went to a food festival that served elevated versions of chain restaurant menu items. Here's everything I ate.
▼ + stars: | 2024-09-26 | by ( Erin Mcdowell | ) www.businessinsider.com time to read: +2 min

The food festival features elevated takes on iconic chain-restaurant and fast-food menu items. Here's everything I ate, including new menu items coming to KFC and Red Robin. This wasn't a music festival — it was ChainFest, a food festival with pop-up events in New York City and Los Angeles. ChainFest collaborates with Michelin-starred chef Tim Hollingsworth and chains like KFC, Cracker Barrel, Red Robin, and Red Lobster to create elevated versions of fan-favorite menu items. I got the opportunity to try all of the dishes, including new menu items coming to chains soon.

Persons: Robin, —, ChainFest, Tim Hollingsworth Organizations: KFC, Service, Michelin, Biscuits, ChainFest Locations: New York City, Los Angeles

☆ I went to Red Lobster and saw why the chain has struggled — and what it could change
▼ + stars: | 2024-09-15 | by ( Alex Bitter | ) www.businessinsider.com time to read: +1 min

Red Lobster says that it will emerge from bankruptcy later this month. Now, the chain has to find a new strategy to bring in customers that's not just endless shrimp. I visited a Red Lobster restaurant in the Washington, DC, area to see what dining there is like now. AdvertisementOver the past several years, restaurant chain Red Lobster has gotten attention for one thing: the promise of endless shrimp. The chain filed for Chapter 11 bankruptcy in May, but Red Lobster says that it's now on track to emerge this month from bankruptcy with new ownership, a new CEO, and fewer locations.

Persons: —, Red, it's Organizations: Service, Business Locations: Washington, DC

☆ BurgerFi files for Chapter 11 bankruptcy
▼ + stars: | 2024-09-11 | by ( Ramishah Maruf | ) edition.cnn.com time to read: +3 min

New York CNN —Fast casual chain BurgerFi filed for Chapter 11 bankruptcy Wednesday after months of reporting financial distress. BurgerFi, filing for bankruptcy protection in the U.S. District Court for the District of Delaware, said all of its corporate locations will operate normally. Franchise-owned locations are exempt from the bankruptcy filing, the company said in a press release. A common route is Chapter 11 bankruptcy, which allows the company to solve its financial problems through reorganization. According to the bankruptcy filing Wednesday, BurgerFi estimates it had between $100 million and $500 million in liabilities, but only $50 million to $100 million in assets.

Persons: Burger, BurgerFi, andexpected, “, ”, Jeremy Rosenthal, ” BurgerFi Organizations: New, New York CNN, District of, Anthony’s Locations: New York, McDonald’s, U.S, District of Delaware, Florida

☆ Restaurant chain BurgerFi files for Chapter 11 bankruptcy protection
▼ + stars: | 2024-09-11 | by ( Amelia Lucas | ) www.cnbc.com time to read: +1 min

BurgerFi filed for Chapter 11 bankruptcy protection on Tuesday, less than a month after it warned investors it had "substantial doubt" about its ability to operate. The company joins the growing list of restaurant chains that have resorted to bankruptcy to turn around their businesses, from Red Lobster to Buca di Beppo. Broadly, the restaurant industry has seen chains, independents and franchisees alike struggle with declining traffic and high interest rates. BurgerFi has assets of $50 million to $75 million and total debts of $100 million to $500 million, according to a bankruptcy filing. For the quarter ended April 1, BurgerFi reported revenue of $42.9 million and a net loss of $6.5 million.

Persons: BurgerFi Organizations: Anthony's, Wings Locations: Arlington , Virginia

☆ Red Lobster cleared to exit Chapter 11 bankruptcy protection
▼ + stars: | 2024-09-05 | by ( Amelia Lucas | ) www.cnbc.com time to read: +1 min

The exterior of a Red Lobster restaurant in Austin, Texas, on May 20, 2024. A bankruptcy court approved Red Lobster's plan to exit Chapter 11, putting the seafood chain one step closer to exiting bankruptcy. Red Lobster had struggled with increased competition, expensive leases, last year's disastrous shrimp promotion and a broader pullback in consumer spending. Current CEO Jonathan Tibus, who led the company through bankruptcy, will leave Red Lobster. "This is a great day for Red Lobster," Adamolekun said in a statement.

Persons: Damola Adamolekun, Jonathan Tibus, Adamolekun Organizations: Investor Holdings, Holdings, TCW, Fortress Investment Group Locations: Austin , Texas, Canada

☆ Red Lobster's next CEO once explained why he doesn't practice work-life balance
▼ + stars: | 2024-08-29 | by ( Jaures Yip | ) www.businessinsider.com time to read: +1 min

Red Lobster's incoming CEO, Damola Adamolekun, said last year that he didn't have work-life balance. Chang's CEO, said he preferred to integrate work and his personal life. Go to newsletter preferences Thanks for signing up! download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementRed Lobster's newly named CEO doesn't believe in practicing work-life balance — at least for himself.

Persons: Damola Adamolekun, —, doesn't, Damola, who's, Fortune, he's Organizations: Service

☆ BurgerFi is in big trouble and may go out of business
▼ + stars: | 2024-08-19 | by ( Ramishah Maruf | ) edition.cnn.com time to read: +2 min

New York CNN —BurgerFi, the fast-casual burger chain and owner of Anthony’s Coal Fired Pizza, is running out of cash – and options. Because of the lack of cash, BurgerFi is uncertain if it can continue to operate its 60 pizza stores and 102 burger restaurants. Food prices have also hurt BurgerFi – the company cited a price increase in chicken wings and higher wages for its increase in operating expenses. BurgerFi first rang the alarm in May, when it announced it was going over “strategic alternatives” due to its liquidity challenges. BurgerFi (BFI) went public in 2020, and its stock has dropped almost 60% year to date.

Persons: New York CNN — BurgerFi, Burger, wouldn’t, BurgerFi, it’s, There’s Organizations: New, New York CNN, Anthony’s, SEC, CNN Locations: New York

☆ EV charging company moves to clamp down on charger hogs
▼ + stars: | 2024-08-04 | by ( Peter Valdes-Dapena | ) edition.cnn.com time to read: +7 min

EV fast chargers – the big tall units that look like major appliances – aren’t generally designed to completely fill an EV’s batteries. A line of EVs wait to charge at Electrify America chargers in East Brunswick, New Jersey, on July 6. At 10 of the busiest EV fast charging stations in California, Electrify America has enacted a strict limit. There can also be other legitimate reasons a driver may want to charge to 100% at a fast charger, said Barrosa. Cases like these are why Electrify America probably won’t institute an overall charging cap at charging stations near major highways, he said.

Persons: Peter Valdes, unplug, Tesla’s, ”, Sara Rafalson, we’ve, Robert Barrosa, ’ ”, EVgo, EVgo’s Rafalson, Barrosa, let’s Organizations: CNN, Chevrolet Blazer, EV, Mercedes, Benz, Hyundai, Fiat, Mazda Locations: New York City, Bristol , Pennsylvania, Bristol, East Brunswick , New Jersey, EVs, America, California, America’s

☆ Red Lobster may soon have a new owner
▼ + stars: | 2024-07-24 | by ( Nathaniel Meyersohn | ) edition.cnn.com time to read: +2 min

New York CNN —Two months after filing for bankruptcy, Red Lobster is close to emerging with a new owner. Fortress is one of Red Lobster’s largest lenders and has financed the restaurant chain’s operations, including a new $100 million loan that allowed Red Lobster to stay afloat during its bankruptcy proceedings. Red Lobster has closed around 100 restaurants in recent months and has said it wants to close several dozen more locations. Mismanagement, competition, inflation and other factors brought down Red Lobster, which has been a pioneer in the restaurant industry. Red Lobster cut costs, removed longtime suppliers and implemented strategies that backfired, such as making $20 endless shrimp a permanent menu item.

Persons: Krystal, Logan’s Organizations: New, New York CNN, Fortress Credit Corp, Thai Union’s, CNN, Thai Union, Union Locations: New York, Thai Union, Thai

☆ Endless shrimp, private equity, and the 'shrimp mafia' that took down Red Lobster
▼ + stars: | 2024-07-17 | by ( Sarah Andersen | Emily Stewart | ) www.businessinsider.com time to read: 1 min

Once a seafood powerhouse in America, Red Lobster is bankrupt and shutting down dozens of restaurants. Is Wall Street to blame? This story is available exclusively to Business Insider subscribers. Become an Insider and start reading now. Have an account?

Organizations: Business Locations: America

☆ MOD Pizza announces new owner in attempt to stave off bankruptcy
▼ + stars: | 2024-07-10 | by ( Ramishah Maruf | ) edition.cnn.com time to read: +1 min

New York CNN —MOD Pizza, the fast-casual chain where diners can customize individual pizza pies, announced a new owner Wednesday in a move that could prevent or delay a bankruptcy filing. After reports last week that the pizza chain was considering filing for bankruptcy, a company spokesperson said a turnaround plan was underway. “We’re working diligently to improve our capital structure and are exploring all options to do so,” Rick Van Warner, MOD spokesperson, said at the time. MOD, founded in 2008 in Seattle, advertises 40 toppings and eight sauces for its customizable pizzas. Scott Svenson, who founded MOD in 2008 with his wife, Ally, became executive chairperson.

Persons: “, Rick Van Warner, Beth Scott, Scott Svenson, Ally, Svenson Organizations: New, New York CNN, MOD Locations: New York, Seattle, United States, Canada

☆ The 15 biggest chain restaurants in the US, ranked
▼ + stars: | 2024-06-30 | by ( Erin Mcdowell | ) www.businessinsider.com time to read: +1 min

Technomic data analyzed by Nation's Restaurant News ranks the top 15 US chain restaurants. Olive Garden, Texas Roadhouse, and Applebee's lead in casual-dining chain restaurants. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementWhile fast-food and fast-casual chains dominate the industry, many casual-dining and family-style chain restaurants are also thriving. This year, there have been challenges — Red Lobster's recent bankruptcy filing sent shockwaves through the industry — and opportunities for chain restaurants, which are now competing with fast-food chains for value-driven customers.

Persons: —, — Red Organizations: Nation's Restaurant, Service, Business Locations: Olive Garden , Texas

☆ Hooters closes dozens of restaurants
▼ + stars: | 2024-06-24 | by ( Jordan Valinsky | ) edition.cnn.com time to read: +2 min

New York CNN —Hooters is the latest chain to close dozens of locations across the United States, blaming tough economic challenges including rising food and labor costs. “Like many restaurants under pressure from current market conditions, Hooters has made the difficult decision to close a select number of underperforming stores,” a spokesperson told CNN. In that time prices ticked up 0.2% at limited service spots, which include fast casual and fast food joints. The increases, particularly in fast food prices, have caused customers to pull back on spending and complain online, eroding the sector’s reputation for affordability. It’s not just Hooters feeling the financial brunt from cash-conscious customers: Applebee’s, TGI Fridays, Boston Market, California Pizza Kitchen and bankrupt Red Lobster have all recently closed restaurants.

Persons: Danielle Wiener, Bronner Organizations: New, New York CNN, Hooters, CNN, Bureau of Labor Statistics, Boston Locations: New York, United States, Florida , Kentucky, Rhode Island , Texas, Virginia, Boston Market, California

☆ A family bakery's hilarious feud with John Oliver over a Red Lobster auction pays off
▼ + stars: | 2024-06-11 | by ( Geoff Weiss | ) www.businessinsider.com time to read: +1 min

John Oliver bought the contents of a defunct Red Lobster at auction, beating out a local bakery. Oliver offered to buy the bakery new equipment if it created cakes in his likeness. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementA small, family-owned bakery in the Hudson Valley is getting thousands of dollars worth of new kitchen equipment following a good-humored feud with John Oliver. On Sunday's episode of HBO's "Last Week Tonight," Oliver recounted how the viral back-and-forth stemmed from a stunt on his show where he purchased all of the kitchen equipment from a shuttered Red Lobster in Kingston, NY, at auction.

Persons: John Oliver, Oliver, — Organizations: Service, Business Locations: Hudson, Kingston , NY

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