Red Lobster abruptly closed at least 50 of its restaurants across the United States, surprising customers and employees. Red Lobster is reportedly considering filing for bankruptcy.

The chain has hired a restructuring expert as its CEO, which could indicate an eventual bankruptcy.

TAGeX Brands, a restaurant liquidator, said that it would auction off goods from some of the Red Lobster restaurants that had closed.

“TAGeX Brands is proud to launch the largest restaurant liquidation EVER through its online auction marketplace,” Neal Sherman, CEO of TAGeX Brands, wrote in a LinkedIn post.

“The furniture, fixtures, and equipment from select Red Lobster locations must go ASAP!”

The mass closures are yet another evidence of Red Lobster’s woes, and it is the first time in the chain’s more than 50-year history that dozens of restaurants have closed at the same time.

Red Lobster was a casual dining pioneer, introducing reasonably priced seafood to middle-class consumers for the first time.

However, the business has decreased in recent years owing to a variety of causes, including corporate mismanagement, according to former executives and restaurant analysts.

Thai Union Group Takes $530 Million Loss

Thai Union Group, a Thai producer of seafood-based food products and a longtime Red Lobster supplier, acquired an unknown financial position in the business in 2020, becoming a prominent shareholder.

Under Thai Union’s leadership, Red Lobster went through four CEOs and implemented an all-you-can-eat shrimp bargain last year, which slowed table service and reduced Thai Union’s earnings.

The offer has been running for more than 18 years at Red Lobster, but it has now become a permanent staple on the menu. “We need to be much more careful,” Thai Union CEO Thiraphong Chansiri stated in November about the shrimp contract.

Thai Union Group said this year that it was divesting from Red Lobster and would incur a $530 million loss on its investment. The chain, which has 27 restaurants in Canada and 649 in the United States, has not publicly commented on the closures.

In 2023, the company reportedly lost millions of dollars after its unlimited shrimp deal proved unexpectedly popular with clients.

The all-you-can-eat menu choice was originally only available for a limited period, but when the company made it permanent, consumers took advantage and consumed more shrimp than the restaurants could afford.

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The streaming service announced Monday that Roku will begin broadcasting Major League Baseball games on Sundays this week, and fans will be able to watch for free without needing a device.

Roku Will Stream Weekly MLB Game On Sundays. Viewers Won’t Need One Of The Service’s Devices

The company has secured multiyear rights to MLB Sunday Leadoff games, beginning this Sunday with the Boston Red Sox versus the St. Louis Cardinals. The telecasts will be created in partnership with local broadcasting teams. They were originally available via the subscription service Peacock.

Roku Will Stream Weekly MLB Game On Sundays. Viewers Won’t Need One Of The Service’s Devices

Viewers without Roku can watch the games via the free Roku Channel app, available on Amazon Fire devices, Samsung TVs, and Google TVs. The app is also available at therokuchannel.com, and no login is necessary.

The games will also be available to MLB.TV subscribers.

Roku Will Stream Weekly MLB Game On Sundays. Viewers Won’t Need One Of The Service’s Devices

“With free games available to anyone, MLB games on Roku will be widely accessible to fans,” said Noah Garden, MLB deputy commissioner for business and media. “Since Roku serves as an entertainment gateway for millions, this partnership offers a valuable new promotional and distribution platform for MLB games and content.”

SOURCE – (AP)

Another sign of Boeing’s predicament is the fact that canceled sales outweighed falling orders in April.

Boeing announced Tuesday that it received orders for seven planes last month, which is an exceptionally low figure. That wasn’t enough to overcome canceled sales for 33 planes, 29 of which were due to the closure of Lynx Air, a cheap Canadian airline that ceased operations in late February.

Boeing Orders Tumble As Troubled Aircraft Maker Struggles To Overcome Its Latest Crisis

As expected, deliveries of new Boeing jetliners were low, at 24 in April, putting the American company further behind its European rival Airbus.

In the first four months of the year, Airbus delivered 203 commercial jets, compared to 107 for Boeing. Deliveries are a key source of cash for businesses.

Boeing Orders Tumble As Troubled Aircraft Maker Struggles To Overcome Its Latest Crisis

The Federal Aviation Administration is halting the construction of new Boeing 737 Max jets as the firm works to enhance manufacturing quality.

The production halt came when a piece known as a door plug burst out of an Alaska Airlines 737 Max shortly after takeoff from Portland, Oregon, in January. The pilots were able to safely land the plane, but the incident has plunged Boeing into its most serious crisis since the fatal crashes of two Max jets in 2018 and 2019.

Current and former Boeing employees have accused the firm of cutting corners on safety, and the FAA, National Transportation Safety Board, and Justice Department are all looking into the matter.

Boeing Orders Tumble As Troubled Aircraft Maker Struggles To Overcome Its Latest Crisis

While Boeing’s April results were disappointing, the company said it achieved a milestone last month when it delivered the 1,500th 737 Max to Ireland’s Ryanair.

SOURCE – (AP)