Red Lobster Closes Nearly 100 Restaurants

In partnership with

🙏🙏🙏 If you enjoy reading NNN Beast and want to show your support, please check out our advertising partners by taking a second to simply click on the link below (no purchase or sign-up necessary). 

That’ll help us keep the lights on and allow us to continue sending fire content your way. Other newsletters charge their subscribers a monthly fee, and we ain’t ever trying to do that BS. Thanks in advance! 👇👇👇

Learn how to make AI work for you.

AI breakthroughs happen every day. But where do you learn to actually apply the tech to your work? Join The Rundown — the world’s largest AI newsletter read by over 600,000 early adopters staying ahead of the curve.

1. The Rundown’s expert research team spends all day learning what’s new in AI

2. They send you daily emails on impactful AI tools and how to apply it

3. You learn how to become 2x more productive by leveraging AI

Subscribe with one click.

BOTTOMLESS PARTY

Red Lobster Closes Nearly 100 Restaurants (Read More)

Recent Closures: Red Lobster closes 99 restaurants, accounting for approximately 15% of total locations (650 restaurants in the US).

• Chain Reaction: Cash-flow problems and loss of confidence from the main owner result in the abrupt closure of numerous restaurant sites.

• Florida Focus: The largest number of shuttered locations, 16, are in the chain's home state of Florida, with three in Orlando.

Tagex Auctions: Tagex lists 48 closed Red Lobster restaurants' contents for sale in a "Winner Takes All" auction.

• Inventory Items: Ovens, refrigerators, bar setups, and dining furniture are among the equipment listed for auction.

Debt Restructuring: Red Lobster considers bankruptcy amidst financial challenges and ownership shifts.

• New Leadership: Restructuring specialist Jonathan Tibus appointed as CEO in a bid to navigate the company through turbulent times.

• Supplier Shift: Thai Union Group, a significant seafood supplier, looks to exit its investment in the struggling chain.

Click here for the list of Red Lobster locations

TRIPLE NET TENDIES

🧠 Thought Leader: John Gordon shares his thoughts on the Red Lobster story

👂 Ear Hustle: Daniel Herrold shares a power move as a CRE broker

💎 Web Gem: Bill Read shares 23 spaces being released from former Bed Bath & Beyond

NET LEASE NUGGIES

• The Home Depot faces mixed first quarter results. Earnings surpassed estimates, but sales fell short due to stalled spring projects and a slow housing market. Net income decreased to $3.6 billion while net sales dropped 2.3% to $36.4 billion, missing analyst forecasts. Comparable sales declined by 2.8%. Despite challenges, Home Depot remains optimistic about growth opportunities and market share. (Read More)

• Sam Ash Music Files for Bankruptcy Protection. After 100 years, the iconic retailer filed for Chapter 11 bankruptcy, with store closing sales underway at its remaining 42 locations. Evaluating selling e-commerce and wholesale business in restructuring efforts after facing challenges from COVID. Strategic options explored to maximize value for stakeholders. Stay tuned for updates on the future of this musical institution. (Read More)

BEAST TWEETS

🐦3NDeveloper: I directly contact a Tenant Rep regarding a drive-thru development that is perfect for his Tenant, and receive an LOI within a few days.

🦅 Chad Moore: This idea produces $2 BILLION in investment transactions a year for us…

🦢 Tyler Bindi: Are low cap rate deals selling? Yes BUT they must meet certain criteria. Here is what Buyers want…

🦆 Jason Miller: Can you convert a freestanding restaurant building into a multi-tenant use?

VISUAL OF THE DAY

Reminder, if you want to show your support to NNN Beast, please check out our advertising partners by simply taking a second to click on their links throughout our newsletter (no purchase or sign-up necessary).

That’ll help us keep the lights on and allow us to continue sending fire content your way. Thank you again to all of our amazing subscribers out there. We appreciate every single one of your emails and kind messages to us. 🙏🙏🙏