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Restaurantclosures

All articles tagged with #restaurantclosures

business1 year ago

New Eateries Set to Replace Red Lobster and TGI Fridays

Red Lobster and TGI Fridays are closing numerous locations due to financial struggles, creating opportunities for fast-food and fast-casual chains like Chick-fil-A and Chipotle to expand into these spaces, often adding drive-thru lanes. The closures are part of a broader trend where sit-down restaurants are being replaced by more profitable fast-food outlets, driven by changing consumer preferences and economic pressures. The high demand for vacant restaurant spaces is also fueled by limited new construction and attractive locations on high-traffic streets.

via WTOP|
#bankruptcy#business#drive-thru
business1 year ago

New Eateries Set to Replace Red Lobster and TGI Fridays

Red Lobster and TGI Fridays are closing numerous locations due to bankruptcy, creating opportunities for fast-food and fast-casual chains like Chick-fil-A and Chipotle to take over these prime real estate spots. The shift is driven by changing consumer preferences towards more affordable and convenient dining options, such as drive-thrus, which are more profitable and require less staff. The demand for vacant restaurant spaces is high, with a low retail vacancy rate and limited new construction, making these locations attractive for new tenants.

via CNN|
#bankruptcy#business#fastfood
business-and-economy2 years ago

Barbara Lynch Streamlines Empire by Closing Three and Selling Two Boston Eateries

Renowned chef Barbara Lynch is closing the majority of her Boston restaurants, including Menton, Sportello, and Drink, due to rent hikes and failed negotiations with landlords. The closures come amid allegations of staff harassment and a lawsuit over withheld tips. Lynch's remaining establishments include No. 9 Park, B&G Oysters, and the Rudder, with future expansion plans focused on the North Shore. The restaurant group's COO cites mismanagement and post-pandemic challenges as additional factors in the decision to close.

via Eater Boston|
##barbaralynch#bostondining
business2 years ago

"Chef Barbara Lynch Streamlines Empire by Closing Three and Selling Two Boston Restaurants"

Celebrated Boston chef Barbara Lynch is downsizing her restaurant group due to post-pandemic challenges and high rents, closing three Fort Point restaurants (Menton, Sportello, and Drink) and selling two South End locations (The Butcher Shop and Stir) to former employees. The closures affect 100 staff members, while the remaining restaurants, including No. 9 Park, B&G Oysters, and The Rudder, will continue to operate. This decision follows allegations of a toxic work environment and financial mismanagement within her establishments. Lynch plans to focus on expansion in the North Shore area moving forward.

via The Boston Globe|
##barbaralynch#bostondining
business2 years ago

"Barbara Lynch Streamlines Boston Culinary Scene with Multiple Restaurant Closures and Sales"

Celebrated Boston chef Barbara Lynch is shutting down three of her restaurants—Menton, Sportello, and Drink—due to high rents and an uncooperative landlord, while selling two others, The Butcher Shop and Stir, to her former protégés. This move will result in the loss of 100 jobs. Despite efforts to adapt to post-pandemic challenges, the financial strain from $88,000 in monthly rent since 2018 and unresolved property issues have led to this decision. Lynch plans to focus on future expansion in the North Shore, while retaining three other establishments. This news comes after Lynch faced a lawsuit and allegations of workplace abuse last year.

via WCVB Boston|
##barbaralynch#boston
business2 years ago

"TGI Fridays Shuts Down Numerous Locations Nationwide, Including Colorado and New Jersey"

TGI Fridays has closed its final two locations in Colorado as part of a strategic move to shut down 36 underperforming stores nationwide. This decision aligns with the company's efforts to strengthen its franchise model. The closures are part of a broader initiative that has affected multiple states, with the aim of propelling the brand's vision for the future. The iconic chain, known for pioneering the "singles bar," has reduced its global presence but continues to operate over 270 locations worldwide.

via The Denver Post|
##business#casualdining
business2 years ago

"TGI Fridays Shuts Down Multiple Locations Nationwide Amid Struggles"

TGI Fridays has closed seven locations in New Jersey due to underperformance, as part of a nationwide strategy to shutter 36 locations. The closures have affected employees, with over 1,000 transfer opportunities being offered, representing over 80% of the impacted workforce. Former kitchen manager Roxanne Meneghin shared her experience of the closure and her subsequent relocation to a Yonkers branch, highlighting the emotional impact on staff and the challenges faced by those not offered transfers.

via News 12 New Jersey|
##business#employeerelocation
business2 years ago

"TGI Fridays Closes Dozens of Locations Nationwide Amid Underperformance"

TGI Fridays announced the closure of 36 underperforming restaurants across the U.S. as part of a strategic move to optimize operations. The closures will affect approximately 1,250 employees, though over 80% will be offered transfer opportunities to other locations. The decision follows a corporate restructuring, including the sale of eight corporate-owned restaurants to the chain's former CEO, Ray Blanchette, and the appointment of Weldon Spangler as the new CEO. The closures span 12 states, with a concentration in Massachusetts, New Jersey, New York, Texas, and Virginia.

via CBS News|
##business#corporatestrategy
business2 years ago

"TGI Fridays Closes Dozens of Locations Nationwide, Impacting Multiple States"

TGI Fridays announced the closure of 36 underperforming locations across the U.S. as part of a restructuring effort. The company is offering transfer opportunities to over 80% of affected employees. The closures are concentrated in New Jersey, Massachusetts, New York, Texas, and Virginia, among other states. The company is also selling eight corporate-owned restaurants to its former CEO, Ray Blanchette. This move aligns with the company's new leadership and long-term growth strategy to revitalize the TGI Fridays brand.

via NBC News|
##business#fastcasualdining
business2 years ago

"TGI Fridays Closes Dozens of Locations Nationwide Amid Underperformance"

TGI Fridays has closed 36 underperforming restaurants across 12 states, including six in the DC area of Maryland and Virginia, leaving 11 locations in the region. The company is streamlining operations to improve customer experience and has offered transfer opportunities to over 1,000 employees affected by the closures. Additionally, eight Northeast locations have been sold to the chain's former CEO, Ray Blanchette. TGI Fridays, owned by TriArtisan Capital Advisors, operates around 650 restaurants globally.

via WTOP|
##business#businessoptimization
business2 years ago

TGI Fridays Closes Dozens of Locations Nationwide Amid Restructuring Efforts

TGI Fridays has closed 36 "underperforming" restaurants across 12 states, including Pennsylvania and New Jersey, as part of a strategic move to optimize operations. The closures are accompanied by a shakeup in executive ranks and the sale of some locations to former CEO Ray Blanchette. Despite the closures, the company has offered transfer opportunities to about 80% of affected employees and is focusing on revitalizing the brand with menu updates and operational streamlining. The chain is owned by TriArtisan Capital Advisors and reported projected sales of $1.6 billion in 2022.

via WPVI-TV|
##business#executiveshakeup
business2 years ago

"TGI Fridays Closes Dozens of Locations Nationwide Amid Operational Optimization"

TGI Fridays has closed 36 of its "underperforming" restaurants across 12 states in the US as part of a strategic move to optimize operations. The closures are accompanied by a shakeup in executive ranks and the sale of some locations to the chain's former CEO, Ray Blanchette. While the company has offered transfer opportunities to about 80% of affected employees, the closures are part of a broader effort to revitalize the brand, which includes menu updates to compete with rivals like Applebee's and Chili's. Despite not publicly releasing financial results, TGI Fridays projected $1.6 billion in total sales for 2022, with a same-store US sales growth of 8% compared to 2019.

via CNN|
##business#businessstrategy
business2 years ago

TGI Fridays Streamlines Operations by Closing 36 Locations and Selling Others to Boost Growth

TGI Fridays is closing 36 underperforming restaurants across the US and selling eight others to its former CEO, Ray Blanchette, as part of a strategic move to optimize operations. The closures affect a variety of states, with over 1,000 employees being offered transfer opportunities. The company is focusing on strengthening its franchise model and has recently updated its menu to remain competitive in the casual dining sector. Despite the closures, TGI Fridays still operates over 850 locations worldwide, with approximately 275 in the US.

via New York Post |
##business#casualdining
business2 years ago

"TGI Fridays Shuts Down Multiple Massachusetts Outlets Amid Nationwide Closures"

TGI Fridays has closed 36 underperforming locations nationwide, including six in Massachusetts and one in New Hampshire, with signs indicating the closures as customers found the doors locked. The company is offering over 1,000 transfer opportunities to affected employees, although at least one long-term employee reported not receiving an offer. The remaining Massachusetts locations and eight other Northeast locations, sold to the chain's former CEO, remain operational.

via WCVB Boston|
##business#employeetransfers