The year 2024 has seen a significant surge in restaurant bankruptcy filings, reflecting a broader trend of corporate bankruptcies across various sectors. At least 10 restaurant chains have already filed for bankruptcy, not including multi-unit franchisees, with three Chapter 11 filings occurring in August alone. This increase in bankruptcies can be attributed to a combination
Business
The consumption of cannabis has taken a significant turn in recent years, making its way even to Fifth Avenue in New York City. As shoppers stroll past luxury retailers like Cartier and Saks, they can now also pick up pre-rolled joints of New York state-grown marijuana from a licensed dispensary. Since New York legalized adult-use
Airlines across the globe have been grappling with financial challenges, particularly low-cost and deep discounter carriers. In an attempt to save money and navigate the impact of engine repairs, many airlines are deferring the purchase of new aircraft. This strategic shift comes as airlines strive to return to profitability in the face of increased costs
The Food and Drug Administration has recently given the green light for Novavax to distribute its updated protein-based Covid vaccine for emergency use in individuals aged 12 and above. This move opens the door for Novavax’s vaccine to enter the competition against the well-established Pfizer and Moderna shots in the upcoming fall and winter seasons.
General Motors has recently announced a strategic move to fold its all-electric BrightDrop commercial vans into the Chevrolet brand. This decision aims to boost sales, accessibility, and recognition of these vehicles in the market. By integrating these electric vans into the Chevrolet lineup, GM hopes to leverage the strength of the Chevrolet brand to drive
In the midst of an inflation-fueled sales slump in the toy industry, Lego has emerged as a standout performer. The Danish toymaker reported a 13% increase in revenue during the first six months of 2024, reaching a total of 31 billion Danish krone, equivalent to about $4.65 billion. CEO Niels Christiansen attributes this growth to
Dallas Mavericks and New Orleans Pelicans fans are eagerly anticipating a new way to watch their local games in the upcoming NBA season. This transition comes as both teams are departing from their regional sports networks owned by Diamond Sports, as stated in a recent bankruptcy court filing. With the NBA season slated to commence
Cava reported a robust quarter with better-than-expected earnings and revenue, which led to an increase in its full-year outlook. The Mediterranean restaurant chain saw its net income soar to $19.7 million, or 17 cents per share, compared to $6.5 million, or 21 cents per share, in the previous year. Net sales also climbed a remarkable
Edgar Bronfman Jr. has made an offer for a controlling stake in Paramount Global that could potentially keep Shari Redstone closely linked to the company. If his bid is successful, Bronfman is open to having Redstone, who currently holds the position of non-executive chairman at Paramount, continue to be involved with the company. This offer
Boeing’s Starliner capsule will be returning from the International Space Station without the NASA astronauts it delivered to orbit in early June. This decision was announced by NASA on Saturday, marking a significant change in plans for the organization. The astronauts, Butch Wilmore and Suni Williams, will now return via SpaceX’s Dragon spacecraft, which is