TGI Fridays has lost control of most of its assets. The trustee overseeing a 2017 securitization financing of the casual-dining chain has declared a manager termination event, which effectively hands over control of certain responsibilities to a “backup manager,” in this case a consulting firm, until a permanent manager can be found, according to a pair of bond rating agencies.
Red Lobster’s bankruptcy process is almost over. A judge on Thursday approved the chain’s Chapter 11 plan, which includes an acquisition by a group led by Fortress Investment.
Sweetgreen no longer wants to be a fully automated chain. A year after the fast-casual chain’s CEO Jonathan Neman said he expects all stores to be fully automated by 2028, the company is backtracking.
Despite starkly cooling sales and traffic numbers of late, the restaurant industry is still quite hot on hiring. According to data released Friday morning by the Bureau of Labor Statistics, restaurants and bars added nearly 30,000 jobs in August, marking the strongest month for the sector’s hiring activity this year.
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