New York
CNN
—
Roughly two dozen extra Pink Lobster places are scheduled to shut throughout the coming days as a part of the seafood restaurant chain’s ongoing chapter proceedings.
A current court docket submitting reveals that the corporate is rejecting the leases of a further 23 places by Saturday, August 31, becoming a member of the greater than 100 eating places that Pink Lobster closed earlier this summer time. As soon as full, the chain may have round 500 retailers left — a pointy decline from the 650 it had simply final 12 months.
Pink Lobster is within the technique of promoting itself to Fortress Credit score Corp., a lender skilled in restaurant administration that additionally owns Krystal, Logan’s Roadhouse and J. Alexander’s. The agency just lately gave the seafood chain a $100 million mortgage to permit it keep afloat.
On Monday, Fortress introduced that it’ll set up the previous chief govt of P.F. Chang’s, Damola Adamolekun, as Pink Lobster’s new CEO as soon as the chain exits chapter proceedings. Adamolekun left the Chinese language meals restaurant chain in August 2023 following a four-year stint.
Mismanagement, competitors, inflation and different components introduced down Pink Lobster, which has been a pioneer within the restaurant business. Thai Union, a world seafood provider, grew to become Pink Lobster’s main shareholder in 2020 and filed for chapter 4 years later in Could.
Below Thai Union’s management, Pink Lobster’s tradition turned poisonous, former leaders informed CNN. Pink Lobster minimize prices, eliminated longtime suppliers and carried out methods that backfired, comparable to making $20 countless shrimp a everlasting menu merchandise. The chain misplaced $11 million on the countless shrimp deal.
The brand new record of eating places leases recognized to be closed “are more likely to proceed to drive losses” and the corporate does “not anticipate needing in an effort to function their enterprise going ahead and may be rejected,” the submitting stated.
Listed here are the places Pink Lobster plans to shut:
Arizona
-1521 S. Yuma Palms Pkwy., Yuma
Arkansas
-8407 W. Markham St., Little Rock
California
-8703 Murray Drive, La Mesa
Colorado
-4925 N. Academy Blvd., Colorado Springs
Florida
-326 Miracle Strip Pkwy., Fort Walton Seashore
-5110 N. ninth Ave., Pensacola
-8909 U.S. Freeway 19, Port Richey
Georgia
-6550 Tara Blvd., Jonesboro
Illinois
–1604 N. State Highway 50, Bourbonnais
-902 Commons Drive, Geneva
-4625 N. Sterling Ave., Peoria
Indiana
-4353 Franklin St., Michigan Metropolis
Minnesota
-8900 Golden Valley Highway, Golden Valley
-12515 Elm Creek Blvd. North, Maple Grove
Missouri
-2381 Maplewood Commons Drive, Maplewood
New York
-925 Hunts Level Ave., Bronx
-750 Higher Glen St., Queensbury
North Carolina
-304 A Western Blvd., Jacksonville
Ohio
-17227 Southpark Heart, Strongsville
South Carolina
-1270 Knox Abbott Drive, Cayce
Virginia
-555 S. Van Dorn St., Alexandria
-4415 S. Laburnum Ave., Richmond
-709 Independence Blvd., Virginia Seashore