The company has largely completed the process of shutting down underperforming stores with Friday’s announcement, but was still working with some landlords to finalize its store count after weak sales led to the company defaulting on vendor payments and losing out on inventory as brands stopped shipping products last year, it said.

The company is closing 12 Saks Fifth Avenue stores and three Neiman Marcus locations. Locations include stores in Chicago, Las Vegas, San Antonio and Tysons Va. There will be 13 Saks Fifth Avenue stores and 32 Neiman Marcus stores remaining.

Saks is closing 15 more stores, including Neiman Marcus. The flagship Saks Fifth Avenue store in New York City, above, will remain open. REUTERS

The restructuring does not affect its portfolio of two Bergdorf Goodman stores in New York. Saks had shut most of its Saks OFF Fifth retail locations and remaining Neiman Marcus Last Call stores in an earlier round of closures.

Saks said its inventory flow has improved with more than 500 brands resuming shipping and releasing nearly $1.3 billion in retail receipts.

On Feb. 20, a US bankruptcy judge gave final approval to Saks Global’s bankruptcy financing, which provided $1 billion in new funding to the company. The company resolved concerns from vendors such as Chanel, Dolce & Gabbana, LVMH, as well as landlords and Amazon about getting paid for goods shipped to the retailer before it went bankrupt.

Saks filed for bankruptcy with $3.4 billion in debt just about a year after a deal intended to create a luxury ‌powerhouse brought Saks Fifth Avenue, Bergdorf Goodman and Neiman Marcus under the same roof.

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The seafood chain shuttered roughly 130 restaurants when it went through the bankruptcy process and Red Lobster CEO Damola Adamolekun told The Wall Street Journal in an interview that the company is continuing to review its locations and leases as it considers ways to curb costs.

Adamolekun said in the interview that visits have risen, with sales up about 10% from last year, but they haven’t recovered to pre-bankruptcy levels, and many of the chain’s locations need upgrades.

“There’s a lot of positive signs, but we inherited a very damaged brand, so there’s still work to do to repair all of that,” he told the Journal.

Red Lobster filed for bankruptcy in May 2024 after it racked up steep losses amid reduced sales and losses generated from an endless shrimp deal that was originally priced at $20. 

The company is also dealing with the fallout from a 2014 move that sold off ownership of the chain’s real estate and saddled the company with lease payments. 

Some of those leases involve multiple restaurants, which Adamolekun said has made it difficult to close some poorly performing locations because their lease is linked with higher performing ones.

Red Lobster CEO Damola Adamolekun told The Wall Street Journal that the restaurant chain will likely close more locations in the wake of its 2024 bankruptcy. ABC via Getty Images

The Journal reported that people familiar with the company’s discussions said Red Lobster would ideally have dozens fewer restaurants in its portfolio so that it could focus on higher-performing locations.

Adamolekun was hired as CEO by the chain’s new ownership in August 2024 after he led a restructuring effort at P.F. Chang’s. 

The company has cut roughly 10% of its corporate staff in recent months and the Journal’s report noted that Red Lobster is negotiating with seafood vendors as tariffs have pushed the costs of imported seafood higher.

During the bankruptcy process, approximately 130 restaurants closed as the company will determine ways to cut costs. Christopher Sadowski

Adamolekun told the Journal that once the company has dealt with struggling locations, Red Lobster could look to expand in upstate New York and New England, where it has a limited presence. 

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He’s also considering franchise deals for international locations as well as selling more Red Lobster-branded products, like Cheddar Bay Biscuit mixes, through retail channels.

FOX Business reached out to Red Lobster for comment.

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MIXI currently holds 36.71% of voting rights in the Australian betting company, with the subsidiary of MIXI Inc set to pay AU$1.25 (US$0.82) per share if the transaction goes ahead.

The offer period runs through August 25, in a potential deal that will reverberate around the wider sports betting industry due to its significance.

An official communication to the Market Announcements Office on Monday stated that, “The PointsBet Board unanimously recommends that PointsBet Shareholders ACCEPT the MIXI Takeover Offer, in the absence of a superior proposal.”

MIXI’s prospects are increased after PointsBet urged shareholders on August 19 to “take no action” on the rival bid from betr entertainment, which currently holds a 19.6% stake in PointsBet.

This came after the selling entity welcomed the “greatly improved disclosure” from betr on the risks and uncertainties terms of its proposal. 

Betr’s all-scrip takeover offer values PointsBet at around AUS$1.25 to $1.35 per share, dependent on betr’s trading price at a ratio of 4.219 of its shares for each belonging to PointsBet. 

The offer will close on September 22, unless extended, but all signs point to MIXI closing a deal. 

Takeovers Panel rejects betr complaint

Their chances have increased further after the Takeovers Panel of the Australian Government dismissed betr’s complaint that MIXI had initiated and gained a timing advantage to engineer an uneven playing field. 

Betr’s complaint asserted that MIXI had manipulated the process by declaring its own cash bid as unconditional, giving it a potential advantage over the betr proposal, which had not yet opened for acceptance.

Ultimately, the panel found no reasonable prospect of “unacceptable circumstances”.

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Buzz Lightyear’s Space Ranger Spin will close in August and reopen sometime next year, a Walt Disney World executive said Tuesday.

“We’re not just, you know, sitting on our laurels and saying, ‘Well, let’s just kind of keep it running,’” Michael Hundgen, Creative Portfolio Executive Producer with Walt Disney Imagineering, said. “This is a great update to a classic attraction.” 

One of the biggest upgrades to the iconic Tomorrowland ride will be the addition of handheld blasters so guests of all ages can have better aim and potentially score more points. 

Disney Imagineers will upgrade the blasters with new lighting, sound, and vibration effects, so Space Rangers will no longer wonder if they have hit specific targets. 

Imagineers recently participated in a play test of the improvements, which Disney said in a media release is critical to “delivering an out-of-this-world experience for our guests.”

A nearly 30-year-old ride at Walt Disney World’s Magic Kingdom is closing this summer so it can get a new show scene, updated ride vehicles, and gameplay enhancements.  Disney World

Buzz Lightyear’s Space Ranger Spin will close in August and reopen sometime next year, a Walt Disney World executive said. Disney World

“Everyone had a great time, and our team learned a lot,” project creative director Justin DeTolla said in a statement. “We’ve been working on this project for quite some time now, so it was exciting to see it all come to life for the first time in the field.”

The dark, slow-moving ride is considered suitable for all ages and allows for some family or friend competition. 

Its storyline battling Zurg comes from 1999’s Toy Story 2, which was produced by Pixar Animation Studios for Walt Disney Pictures.  

Disney Imagineers will upgrade the blasters with new lighting, sound, and vibration effects, so Space Rangers will no longer wonder if they have hit specific targets.  Disney World

“Everyone had a great time, and our team learned a lot,” project creative director Justin DeTolla said in a statement. “We’ve been working on this project for quite some time now, so it was exciting to see it all come to life for the first time in the field.” Disney World

Walt Disney World is preparing for the summer travel season with new family deals on tickets, dining, and hotels.

Two new shows featuring The Little Mermaid and Disney Villains premiere on May 27, just days after Universal Epic Universe opens.

A new nighttime parade is also coming to Magic Kingdom later this summer. 

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The chain on Wednesday announced it is weighing plans to potentially close 70 locations once their lease expires, as it attempts to turn around its operations. The company has already closed one location in the fourth quarter of fiscal 2024, and recorded a loss of $32.4 million in the quarter in large part from the “review of underperforming restaurants.”

The company plans to sell three properties during the first quarter of fiscal 2025. The sale of those locations is expected to generate $5.8 million, which the company anticipates will be used in part to repay its debt.

While financial results for fiscal 2024 “fell well below” the company’s original expectations, CEO G.J. Hart said the company has made “substantial improvements to the guest experience” to try and drive traffic back to its restaurants. 

The chain on Wednesday announced it is weighing plans to potentially close 70 locations once their lease expires. Bloomberg via Getty Images

During its earnings call last week, Hart told analysts that the company saw a 600 basis-point improvement in traffic trends from the first quarter of the year to the fourth.

But “while our improvement has been substantial, we have not yet reached the potential of our iconic brand and expect to drive further traffic improvements in 2025,” he continued. 

Red Robin’s story isn’t unique. There has been a growing number of namesake restaurants that have struggled after accumulating too much debt during the pandemic.

The company has already closed one location in the fourth quarter of fiscal 2024, along with recording a loss of $32.4 million. Chris Titze Imaging – stock.adobe.com

The industry expected consumer spending at restaurants to return to pre-pandemic levels once things returned to normal. But the quick-service sector started facing slowing traffic in back-to-back quarters as inflation-wary consumers continued to eat at home more often.

Some companies, like TGI Friday’s, Denny’s, Ruby Tuesday, Rubio’s Coastal Grill and Red Lobster, have filed for protection in bankruptcy court. However, others, including those that didn’t file for bankruptcy protection, significantly reduced their footprint to position themselves better in the current environment. 

Wendy’s, for instance, announced in November that it was shuttering 140 underperforming locations through the end of 2024 as it looks to improve its “restaurant footprint and overall system health.”

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The decision to close the Liberty, NY, manufacturing facility marks the end of an era for a plant that has been a significant employer in the region for almost three decades.

A PepsiCo spokesperson told the Albany Times Union that the facility will shut down due to what the company described as challenges in sustaining long-term operations amid shifts in the snack industry.

PepsiCo has announced that it will shut down a manufacturing facility in Sullivan County, NY. Google Maps

According to a Worker Adjustment and Retraining Notification (WARN) filed with the state Department of Labor, the layoffs will begin on May 21 and take place over a two-week period.

The affected employees are not unionized, according to the filing.

In a statement to the press, PepsiCo acknowledged the plant’s contributions but cited broader industry trends and slowing growth in the product line as reasons for the closure.

“This plant has played a vital role in producing our beloved PopCorners brand, but the pace of growth for this product line paired with broader industry pace of growth has made it difficult to sustain the site’s long-term viability,” PepsiCo said in a statement.

“We deeply appreciate the contributions of our Liberty employees, and this decision does not diminish the value of their hard work and dedication.”

The company said that it has “notified our workforce” and that it was “working closely with our employees and local community officials to provide a supportive transition.”

Nearly 300 employees are set to lose their jobs, the company said. PopCorners FritoLay/Facebook

The Liberty facility has longstanding ties to the community, initially operating under Ideal Snacks when it was founded in 1997.

In 2003, the plant expanded — reflecting its early success. However, in 2017, just before the company was sold to BFY, Inc., approximately 200 employees were laid off, prompting a lawsuit from two former workers.

In 2019, PepsiCo, the $209 billion multinational food and beverage company known for brands such as Pepsi, Lay’s, Gatorade and Quaker, acquired the Liberty plant as well as another facility in nearby Middletown as part of its purchase of BFY Brands.

The Middletown facility also experienced significant job reductions last year when the company cut a third of its workforce, citing economic factors.

The Hudson Valley plant made PopCorners snacks. The image above is a file photo of PopCorners from April 2022. ColleenMichaels – stock.adobe.com

The news of the closure has generated concern among local officials, who emphasized the plant’s role as a key employer in the area.

In a joint statement, Sullivan County Legislature Chair Nadia Rajsz, Liberty Town Supervisor Frank DeMayo and Village of Liberty Mayor Joan Stoddard expressed their disappointment over PepsiCo’s decision — describing the facility as “an integral part of our community for decades.”

Local officials and economic development groups are now working to mitigate the impact of the closure.

The county, town, and village governments have announced plans to collaborate with PepsiCo, the Chamber of Commerce and the Sullivan County Partnership for Economic Development to assist displaced workers.

PepsiCo is a $209 billion multinational food and beverage company known for marketing brands such as Pepsi, Lay’s, Gatorade and Quaker. Bloomberg via Getty Images

Despite the setback, Sullivan County has seen recent economic growth.

Last year, the county reported the strongest private sector job growth in the Hudson Valley, along with a slight decline in unemployment.

However, challenges remain as 14.8% of the county’s residents lived in poverty in 2023, a rate higher than the national average of 12.5%, according to US Census data.

Sullivan County Legislator Louie Alvarez voiced concerns about the impact on Liberty’s Hispanic community, highlighting the economic strain the closure could cause for many families.

“This is going to hit us very hard,” Alvarez said in an interview with WJFF Radio Catskill.

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Walmart Chief People Officer Donna Morris said in the memo sent to employees that the company is cutting roles and asking office-based employees in Hoboken, NJ, and some of its smaller offices to relocate to the company’s newly opened headquarters in Bentonville, Ark., as well as its office in Sunnyvale, Calif.

“We are making these changes to put key capabilities together, encouraging speed and shared understanding,” Morris said in the memo. “Through this review process, we have eliminated some roles as we streamline how we work.”

Walmart didn’t specify how many people will be affected, as the employees who are being asked to relocate will have at least a month to inform the company if they plan to move to the main hubs.

The decision announced on Tuesday is part of a broader relocation strategy unveiled in May 2024, when Walmart initiated the first phase of relocating employees by asking staff from offices in Dallas, Atlanta and Toronto to move to Walmart’s corporate headquarters in Bentonville, its Hoboken office or its California location. Any employees still working remotely at that time were also called back to the office.

Walmart didn’t specify how many people will be affected, as the employees who are being asked to relocate will have at least a month to inform the company if they plan to move to the main hubs. Bloomberg via Getty Images

Walmart began requiring workers to return to the office in February 2022, saying it boosts collaboration, innovation and faster work processes, while also strengthening company culture.

As the corporate world began to ditch remote work, Walmart constructed a new 350-acre campus in Bentonville, where it opened office buildings last month. The campus has 12 office buildings, along with amenity buildings, parking decks and surface lots. 

The company is also opening new office spaces in Sunnyvale and Bellevue, Wash., while expanding its office in Hoboken and its fashion office in New York City. 

The decision announced on Tuesday is part of a broader relocation strategy unveiled in May. AP

“Our values and culture are strategic differentiators for us as a company, and they are fostered by being together,” Morris said in the memo. “We’ve already seen the benefits of having more teams working together in person, and today we are sharing another step that will help accelerate our momentum.” 

Morris said the company will help affected employees “navigate the path forward, including providing relocation support or severance.”

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