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September 6, 2024
Red Lobster has been approved to emerge from Chapter 11 bankruptcy protection, clearing the way for its sale to its creditors led by Fortress Investment Group, which also controls a variety of other chains including Krystal, Logan’s Roadhouse, J. Alexander’s, and Gordon Biersch.
Topgolf is being spun off. The golf-focused concept is being spun off to shareholders of Topgolf Callaway Brands, which has decided to end its ownership of the 100-unit chain four years after buying it.
Speaking of eatertainment sales challenges, Pinstripes reported first quarter results Wednesday after market, which fell below analysts’ expectations. Same-store sales specifically dropped by 2.4%, with CEO Dale Schwartz citing a challenging macroeconomic environment and softer consumer demand.
Bucking the eatertainment trend, Dave & Buster’s saw a traffic boost of nearly 7% during its second quarter. That’s according to a recent report from foot traffic data firm Placer.ai.
Get all the headlines in today’s Restaurant Daily podcast.
