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48°
Tuesday, nov 5
Tag:
Restructuring
Business
TGI Fridays Files For Bankruptcy Weeks After Sudden Closures Of At Least 12 Restaurants
Casual dining chain TGI Fridays has filed for bankruptcy several weeks after at least 12 of its restaurants suddenly closed. The company filed the Chapter 11 petition on Saturday, Nov. 2, in Texas, near its Dallas headquarters. Founded in New York City in 1965, TGI Fridays has 95 restaurants in the US, 39 of which the company owns and operates. The other 56 are independent franchises not involved in the bankruptcy petition. The company said that all those locations will remain open. According to the TGI Fridays website and other reports, the following locations are now listed as permanent…
Business
Red Lobster Files For Bankruptcy After Abruptly Closing Dozens Of Restaurants
Red Lobster has filed for bankruptcy just days after closing dozens of its restaurants. In its bankruptcy petition filed on Sunday, May 19, the company listed assets of $1 billion and liabilities of $10 billion. The filing stated that the company "intends to use the proceedings to drive operational improvements, simplify the business through a reduction in locations, and pursue a sale of substantially all of its assets as a going concern." The company said restaurants not listed as "temporarily closed" on its website will remain "open and operating as usual during the Chapter 11 process."…
Business
New Closure Announced For Macy's Store In Westchester
A Macy's store in Westchester County will be closing its door as part of the company's restructuring strategy. On Wednesday, Jan. 6, the company announced it will close the Macy's location at the Galleria mall in White Plans, said Carolyn Ng Cohen, director of medial relations. The closure is part of the company’s strategy announced in early 2020, she added. Macy's has shared the closure information with store employees and will work to help find them jobs at nearby Macy's store. "Regular, non-seasonal colleagues who we are unable to place at nearby Macy’s store will be eligible fo…
Business
Altice Says Lawsuit By Dolan Family, News 12 Anchor 'Without Merit'
Altice USA issued a detailed response to Thursday's story by Daily Voice about a lawsuit filed this week by the Dolan Family and a longtime News 12 anchor to prevent Altice from laying off more workers at News 12. Janet Meahan, senior director of communications for Altice USA, said: “This lawsuit is without merit and paints an extremely inaccurate representation of our business. It is also surprising that the Dolan family would now challenge the strategic and organizational decisions that Patrick Dolan led during his 2 1/2 years with the company as President of News 12. "Altice USA co…
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