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.
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