Latest news with #Chapter11
Miami Herald
3 hours ago
- Business
- Miami Herald
Major grocery chain gives 1000s of customers free ice cream
Hot summer days are the perfect time to relax with a nice serving of ice cream. For some communities, the sound of music playing from an ice cream truck prompts children, teens, and parents to race to the curb of their street to stop the truck to buy a frozen treat before it passes by. Don't miss the move: Subscribe to TheStreet's free daily newsletter For those areas lacking a local ice cream truck, a trip to Baskin-Robbins, Cold Stone Creamery, or Dairy Queen might be the solution to that frozen treat craving. Related: Major grocery chain using self-driving robots for deliveries If one of those options is not available, a trip to the local grocery store to buy some ice cream will solve your problem. And consumers have several choices to consider when buying that refreshing treat. Name-brand ice cream choices that you can find at most grocery stores include Dreyer's (known as Eddy's in some areas), Breyers, Ben & Jerry's, Blue Bunny, Tillamook, and Häagen-Dazs. The competition for ice cream sales is so fierce that many national and regional grocery chains and big-box retailers have their own private label brands to entice consumers. For Costco members, Kirkland Signature ice cream, with a limited number of flavors, is available. Target in 2021 launched its private label ice cream brand Favorite Day, and Walmart launched its latest private label ice cream in April 2024 to go with its Great Value brand, known as bettergoods. The private label offers dairy and plant-based options for customers. To compete with the big boxes, national and regional grocery chains offer private labels to consumers as well. Publix stores offer their Premium brand of ice cream, as well as their organic GreenWise brand. Albertsons, Vons, and Safeway stores have for years sold their Signature Select private label, and Whole Foods offers its 365 private label brand. Image source: Bloomberg/Getty Images To kick off the summer, Kroger has launched its limited-time Summer in a Pint collection of four new ice cream and sherbet flavors, including: Fireside Nights, a toasted marshmallow-flavored ice cream with s'mores Shores, a coconut-flavored ice Tan Lines, a vanilla bean, chocolate, and coffee-flavored ice Summer Fizz, a blood orange-flavored sherbet. Related: Kroger announces big store change amid price gouging accusations To celebrate the launch of its new frozen treat flavors, Kroger has brought back its free ice cream pint offer, as it will give away 92,000 pints of Kroger ice cream, or 1,000 pints for each of summer's 92 days, beginning June 20, according to a company statement. More retail: Iconic auto repair chain franchise files Chapter 11 bankruptcyPopular beer brand closes down and files Chapter 7 bankruptcyPopular vodka and gin brand files for Chapter 11 bankruptcy Customers can obtain one of those 92,000 pints of Kroger ice cream by downloading a limited-time, single-use digital coupon at starting on June 20, beginning at noon Eastern time, while supplies last. The coupon can be used to obtain a free pint of one of the new flavors or any one of the Kroger brand ice cream flavors at Kroger Family of Stores locations, such as Kroger, Ralph's, Fred Meyer, Fry's, Dillon's, and Food 4 Less, through July 4, 2025. The free ice cream pint promotion is valid in all U.S. states, except California, Colorado, Louisiana, Tennessee, and Nevada. Kroger also offers a $1 off coupon for the purchase of two pints of its ice cream, except at Mariano's, Metro Market, Pick 'n Save, and QFC stores. Related: Popular grocery store chain closes all locations, no bankruptcy The Arena Media Brands, LLC THESTREET is a registered trademark of TheStreet, Inc.
Miami Herald
5 hours ago
- Business
- Miami Herald
After closures, popular restaurant may be up for sale
As kids, summer not only signaled the end of the school year and a months-long break from homework, it also meant the yearly seasonal family vacation was about to begin. To many of us, that meant heading to the beach to tan and swim for multiple days until our backs turned red and our skin was as wrinkly as a raisin from being in the water too long. Don't miss the move: Subscribe to TheStreet's free daily newsletter After hours in the sun, having family dinner at the closest restaurant chain was a must. It always involved a tropical-themed restaurant with American food and seafood, so the picky eaters wouldn't complain for the rest of the trip. For those who vacationed in Florida, Bahama Breeze was the go-to spot. This restaurant had everything from chicken fingers to coconut shrimp, and it was the only place our parents would let us get a Piña Colada - virgin, of course. Related: Iconic Mexican restaurant saved by major rival Bahama Breeze is owned by Darden Restaurants (DRI) , a restaurant owner and operator with over 2,100 locations spanning various known brands, including Olive Garden, LongHorn Steakhouse, Yard House, and more. Although this company owns some of the most iconic American restaurant chains, it has been struggling with increased labor costs, growing competition, the potential impact of macroeconomic fluctuations, and ever-evolving consumer needs, which remain challenges in its overall business. However, the company revealed some unexpected news that caught many by surprise. Image Source: Shutterstock Bahama Breeze abruptly closed 15 locations across eight states in May due to underperformance, cutting its footprint by nearly 35%. The sudden shutdowns allowed Darden to reinvest and focus on the remaining high-performance restaurants to improve its overall business. However, the mass shutdowns still offset its growth, making Bahama Breeze's financial situation even more difficult. Related: Another fast-food burger chain is quietly closing locations Closing locations and shedding brands is not unusual for the company. Darden sold Red Lobster in 2014, which turned out to be a good decision, since the chain filed for Chapter 11 bankruptcy under new ownership 10 years later. Recently, the company also signed a definitive agreement to sell eight Olive Garden restaurants in Canada. Bahama Breeze CEO Rick Cardenas revealed during the company's latest earnings call that it's considering strategic alternatives for the restaurant, since it no longer fits in its current portfolio of brands. These alternatives include the potential sale of Bahama Breeze or converting the locations into other brands that are far more profitable for the company. The company said it still believes Bahama Breeze has growth potential, but with another owner, which is why it will no longer invest in the brand. More Food News: Hershey creates new guilt-free candy that's a dream comboMcDonald's menu adds new happy meal fans will loveTaco Bell adds new beverages to hop on viral fast-food trend "After further review, we have made the difficult decision that these remaining locations and the Bahama Breeze brand are not a strategic priority for us," said Cardenas. "We also believe that this brand and these restaurants have the potential to benefit from a new owner. Consequently, we will be considering strategic alternatives for Bahama Breeze, including a potential sale of the brand or converting restaurants to other Darden brands." This shocking decision was made after the company reviewed each brand, which led to the development of a five-year plan in which Bahama Breeze no longer fit. Related: Veteran fund manager unveils eye-popping S&P 500 forecast The Arena Media Brands, LLC THESTREET is a registered trademark of TheStreet, Inc.
Miami Herald
8 hours ago
- Business
- Miami Herald
Popular bar and grill chain files for Chapter 11 bankruptcy
Restaurant chains have navigated economic challenges since the Covid-19 pandemic, as many were forced to close down during the pandemic. Once restaurants reopened, they needed to adopt health safety protocols meant to prevent the spread of Covid-19. Don't miss the move: Subscribe to TheStreet's free daily newsletter Casual restaurants adjusted to the protocols and offered take-out and curbside pick-up for customers until the pandemic subsided and they could offer sit-down dining again. Related: Popular restaurant chain franchisee files Chapter 11 bankruptcy But new financial issues arose, such as rising labor and food costs driven by inflation and increased interest rates on debt obligations. Financial distress caused by lingering effects of the pandemic, inflation, and rising interest rates led several popular dining chains to file for bankruptcy in the past year. Red Lobster filed for bankruptcy in May 2024, closed about 187 restaurants, and emerged from Chapter 11 in September 2024 with about 478 locations in 44 states. TGI Fridays filed for Chapter 11 bankruptcy on Nov. 2, 2024, to reorganize its business, closed 76 locations, and had 85 U.S. locations on its website in April. Mexican restaurant chain On The Border Mexican Grill & Cantina had about 120 locations at the beginning of this year and closed or vacated 40 non-performing stores on Feb. 24, 2025, because of problems with rent and/or financial performance. On The Border filed for Chapter 11 bankruptcy on March 4, 2025, with plans to sell its assets to its prepetition bridge loan lender. CHG US Holdings, which operates 18 Planta restaurant locations across the country in cities such as New York, Chicago, and the Los Angeles area, filed its petition on May 12, 2025, in the U.S. Bankruptcy Court for the District of Delaware. The debtor closed restaurants in West Palm Beach, Fla.; South Beach, Fla.; and Brooklyn, N.Y., since filing for bankruptcy. And now, the parent company of bar and grill restaurant chain S2 Grills has filed for Chapter 11 bankruptcy protection to restructure its debt. Related: Popular smoothie chain franchisee files for Chapter 11 bankruptcy Debtor AWS Hospitality Group Inc. filed its Subchapter V petition on June 19 in the U.S. Bankruptcy Court for the Northern District of Illinois, listing $50,000 to $100,000 in assets and $1 million to $10 million in liabilities. More bankruptcy: Iconic auto repair chain franchise files Chapter 11 bankruptcyPopular beer brand closes down and files Chapter 7 bankruptcyPopular vodka and gin brand files for Chapter 11 bankruptcy The Mokena, Ill.-based debtor's major creditors include Morgan Services Inc., owed over $88,000; Craig Shaffer & Associates, owed over $36,000; Bank of America, owed over $34,000; and Sysco, owed over $12,000. The debtor did not state a reason for filing for bankruptcy in its petition. The S2 Grills chain consists of nine locations in Illinois, including two casual S2 Bar and Grills in Chicago and one in Maywood, Ill., three S2 Express Grills in Chicago, and one each in Orland Park, Harvey, and Richton Park, Ill., according to its website. The chain was founded in 2019 by Andre and Suheir Williams after receiving positive feedback on social media for menu items at their S2 Ultra Bar in Calumet Park, Ill., when they were relocating the bar. The restaurant chain serves breakfast, featuring such choices as Ribeye Steak Big Breakfast with eggs, steak, rice or grits, potatoes, two pancakes or toast, and the S2 Big Breakfast with eggs, sausage or bacon, grits or rice, potatoes, two pancakes or toast. The restaurant also offers Mexican food, such as tacos, burritos, and nachos; chicken and waffles, wings, and tenders; and dinners featuring ribeye steak, lamb chops, ribs, pot roast, lobster tail, king crab legs, salmon, and shrimp. Related: Popular brewery files for Chapter 11 bankruptcy The Arena Media Brands, LLC THESTREET is a registered trademark of TheStreet, Inc.
Yahoo
8 hours ago
- Business
- Yahoo
From $6B Valuation to Bankruptcy to Rescue: Wojcicki Reclaims 23andMe for $305M
Anne Wojcicki, co-founder and former CEO of 23andMe, will regain control of the embattled genetic testing company through a $305 million acquisition by her nonprofit TTAM Research Institute, the company announced on Friday. The deal marks the final stage in a bidding contest that began after 23andMe filed for Chapter 11 bankruptcy in March. According to the company, TTAM will acquire substantially all of 23andMe's assets, including its Personal Genome Service, Research Services, and Lemonaid Health, a telehealth subsidiary acquired in 2021. The purchase follows a previous winning bid from Regeneron Pharmaceuticals totaling $256 million, announced in May. However, TTAM submitted a higher unsolicited offer, prompting a reopened auction earlier this month. According to court documents cited by The Wall Street Journal, Regeneron declined to increase its bid, due to the company's remaining valuation. Don't Miss: Maker of the $60,000 foldable home has 3 factory buildings, 600+ houses built, and big plans to solve housing — Peter Thiel turned $1,700 into $5 billion—now accredited investors are eyeing this software company with similar breakout potential. Learn how you can Founded in 2006, 23andMe gained early popularity for its at-home DNA testing kits, which provide customers with insights into their ancestry and potential health risks. The company went public in 2021 through a special purpose acquisition company merger, reaching a peak valuation of nearly $6 billion. But after struggling to create a sustainable subscription model and weathering a 2023 cyberattack that exposed the personal data of nearly 7 million users, 23andMe saw its value decline. The company said it laid off about 40% of its workforce in November and halted therapeutic R&D programs. Wojcicki stepped down as CEO in March, shortly before the bankruptcy filing, to qualify as an independent bidder. Seven independent board members resigned in September, citing concerns over her leadership and privatization efforts. Trending: Maximize saving for your retirement and cut down on taxes: . Although TTAM's $305 million offer has been accepted, the deal is not yet finalized. Approval from the U.S. Bankruptcy Court for the Eastern District of Missouri is still pending, with a hearing scheduled for June 17, according to Friday's statement. Further complicating the process is a lawsuit filed by 28 state attorneys general led by New York's Letitia James, who say that the sale could violate consumer privacy rights by transferring genetic data without explicit consent. "23andMe cannot auction millions of people's personal genetic information without their consent," James said. According to the Journal, a court-appointed privacy ombudsman said in a report filed last week that he could not conclude the sale of genetic data was consistent with 23andMe's privacy policies. The report also flagged that TTAM's nonprofit status could exempt it from certain data-protection laws, raising further privacy concerns around the deal. During a House Oversight Committee hearing on June 10, interim CEO Joseph Selsavage said that 1.9 million people—about 15% of 23andMe's customers—had requested deletion of their data since the bankruptcy filing."I am thrilled that TTAM Research Institute will be able to continue the mission of 23andMe to help people access, understand, and benefit from the human genome. We believe it is critical that individuals are empowered to have choice and transparency with respect to their genetic data and have the opportunity to continue to learn about their ancestry and health risks as they wish," Wojcicki posted on LinkedIn. In Friday's announcement, TTAM said it would honor 23andMe's existing privacy policies, allowing users to delete their data and opt out of research participation, according to the release. It also plans to establish a Consumer Privacy Advisory Board within 90 days of the deal's closing. Read Next: Image: Shutterstock UNLOCKED: 5 NEW TRADES EVERY WEEK. Click now to get top trade ideas daily, plus unlimited access to cutting-edge tools and strategies to gain an edge in the markets. Get the latest stock analysis from Benzinga? APPLE (AAPL): Free Stock Analysis Report TESLA (TSLA): Free Stock Analysis Report This article From $6B Valuation to Bankruptcy to Rescue: Wojcicki Reclaims 23andMe for $305M originally appeared on © 2025 Benzinga does not provide investment advice. All rights reserved. Error while retrieving data Sign in to access your portfolio Error while retrieving data Error while retrieving data Error while retrieving data Error while retrieving data
Miami Herald
12 hours ago
- Business
- Miami Herald
Popular lifestyle retail chain files for Chapter 11 bankruptcy
The high-end fashion retail sector has faced economic challenges since the Covid-19 pandemic temporarily shut down the industry in 2020, and it hasn't fully recovered from the retail downturn. Financial distress forced luxury department stores, high-end fashion retailers, luxury brands, and retail chains to file for bankruptcy. Don't miss the move: Subscribe to TheStreet's free daily newsletter Luxury department store Lord & Taylor, high-end retailer Neiman Marcus, luxury apparel chain Brooks Brothers, and designer brand manufacturer Centric Brands all filed for Chapter 11 protection in 2020. Related: Popular restaurant chain franchisee files Chapter 11 bankruptcy When the pandemic subsided, rising labor and product costs driven by inflation, higher interest rates on debt, and consumers' changing attitudes toward spending based on financial uncertainties put new pressure on revenue Luxury retailers continued filing for bankruptcy, as last year, Anne Fontaine USA, the U.S. affiliate of the Paris-based boutique chain, in January 2024 filed for Chapter 11 Subchapter V bankruptcy protection to reorganize in the U.S. Bankruptcy Court for the Southern District of New York, asserting that the company has not been able to recover from financial distress caused by the Covid-19 pandemic. Luxury apparel chain Ted Baker Canada, which operated 31 Ted Baker stores in the U.S., nine in Canada, eight Brooks Brothers Canada shops, and seven Lucky Brand Canada stores, filed for restructuring under Canada's Companies' Creditors Arrangement Act and for Chapter 15 bankruptcy in the U.S. on April 24, 2024, to liquidate and close all 56 of the North American stores. The retailer's owner Authentic Brands Group in August 2024 reached an agreement with United Legwear & Apparel Co. to relaunch e-commerce retail operations for Ted Baker in the U.S., Canada, the U.K., and Europe. Fashion retail brand Sash Group Inc., which markets and sells The Sash Bag crossbody handbags and accessories, on March 25, 2025, filed for Chapter 11 protection to reorganize its business, facing significant tax obligations and unsecured creditor debt. Finally, the parent company of high-end specialty retail chain Karma and Luck filed for Chapter 11 bankruptcy to restructure its debt. Related: Major nationwide trucking company files for Chapter 11 bankruptcy The Las Vegas-based company Zama & Zama Inc., whose retail chain sells spiritual and good fortune-themed merchandise for men and women, filed its petition in the U.S. Bankruptcy Court for the District of Nevada, listing $1 million to $10 million in assets and liabilities. More bankruptcy: Iconic auto repair chain franchise files Chapter 11 bankruptcyPopular beer brand closes down and files Chapter 7 bankruptcyPopular vodka and gin brand files for Chapter 11 bankruptcy Its largest creditors include $2.56 million owed to Settle Inc., $498,000 owed to American Express, over $231,000 owed to landlord IMI Miracle Mile, over $83,000 owed to landlord New WTC Retail Owner and other mall operators. The debtor, founded in 2015 by Vladi Bergman, operates 12 brick-and-mortar high-end retail locations in Las Vegas, Los Angeles, Houston, Florida, and New York. The retailer operates in several high-profile buildings, including at the World Trade Center and Grand Central Terminal in New York, Houston Galleria, Fashion Show Mall in Las Vegas, and the Mall at Miami International. Karma and Luck's merchandise includes women's bracelets, necklaces, rings, earrings, charms, anklets, lifestyle items like pillow and blanket sets; men's bracelets, necklaces, and charms; and home decor. The company's merchandise is also available through major department store retailers, such as Macy's and Nordstrom, and it offers e-commerce transactions on its website. Related: Popular smoothie chain franchisee files for Chapter 11 bankruptcy The Arena Media Brands, LLC THESTREET is a registered trademark of TheStreet, Inc.
