A cooked lobster at a Red Lobster restaurant
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12 Well-Known Companies That Declared Bankruptcy in 2024

The year 2024 proved challenging for several iconic brands, as inflation, shifting consumer trends, and operational hurdles led to a wave of high-profile bankruptcies. From retailers to airlines, many companies struggled to adapt to a changing economic and consumer landscape. Although filing for bankruptcy doesn’t necessarily mean the end of a business, it often signals…

Chick-fil-A

As Red Lobster and TGI Fridays Close, Fast-Food Chains and Other Businesses Move Into Prime Real Estate

With Red Lobster and TGI Fridays shuttering locations across the U.S., new businesses are seizing the opportunity to take over these prime properties. In Woodbridge, Virginia, a former TGI Fridays will soon house a LongHorn Steakhouse, while a closed Red Lobster in Naples, Florida, is set to become a Chick-fil-A. In Watertown, New York, a…

Red Lobster

How Thai Union’s Takeover Led to Red Lobster’s Downfall

When Thai Union Group became the majority shareholder of Red Lobster in 2020, assurances were given that the seafood conglomerate would not interfere with the chain’s operations. However, this promise was short-lived, leading to significant changes and ultimately pushing Red Lobster into bankruptcy. In 2020, Thai Union acquired a 49% stake in Red Lobster, promising…

Red Lobster Files for Bankruptcy Amid Financial Struggles

Red Lobster Files for Bankruptcy Amid Financial Struggles

Red Lobster, the iconic seafood restaurant chain known for bringing affordable shrimp and lobster to middle-class America, has filed for bankruptcy. The company, once the largest seafood restaurant chain in the world, cited over $1 billion in debt and less than $30 million in cash on hand as it seeks to restructure its business. The…