The restaurant industry has been hit hard by bankruptcy filings, with at least 10 notable restaurant chains filing for bankruptcy in 2024. This surge in bankruptcies reflects broader trends across various sectors. Some of the factors contributing to these bankruptcies include decreased consumer spending, rising labor costs, and the disappearance of government assistance that was
Business
In recent years, the landscape of cannabis consumption has undergone a significant shift, particularly in New York City. The emergence of luxury dispensaries on Fifth Avenue represents a new era where shoppers can indulge in high-end marijuana products alongside renowned fashion and jewelry brands. This development comes in the wake of New York state’s legalization
The airline industry, which was once characterized by a frenzy of new jet orders, is now facing a stark reality as cash-strapped, low-cost, and deep discounter airlines are putting the brakes on spending billions of dollars on new aircraft. These airlines are prioritizing saving money as they strive to return to profitability and confront the
In a recent development, the Food and Drug Administration has given emergency use authorization to Novavax’s updated protein-based Covid vaccine for individuals aged 12 and above. This approval opens up the competition for Novavax’s shot against the well-established Pfizer and Moderna vaccines during the upcoming fall and winter seasons. Novavax’s vaccine specifically targets the omicron
General Motors has made a strategic decision to integrate its all-electric BrightDrop commercial vans into the Chevrolet brand. This move aims to enhance the sales, accessibility, and recognition of these vehicles among consumers. By leveraging the strength of the Chevrolet brand, GM intends to drive volume and make it easier for customers to transition to
In a year marked by an inflation-fueled sales slump in the toy industry, Lego stands out as a shining example of success. CEO Niels Christiansen revealed that the company’s revenue jumped by an impressive 13% in the first six months of 2024, reaching 31 billion Danish krone (about $4.65 billion). This growth is attributed to
Fans of the Dallas Mavericks and New Orleans Pelicans are eagerly anticipating the upcoming NBA season, as both teams are set to make changes to the way their local games are aired. The teams are parting ways with their regional sports networks owned by Diamond Sports, as disclosed in a recent bankruptcy court filing. This
Cava, the Mediterranean restaurant chain, has recently reported a surge in foot traffic, leading to better-than-expected quarterly earnings and revenue. This strong performance has prompted the company to raise its full-year outlook. In the latest quarter ending July 14, Cava reported an earnings per share of 17 cents, surpassing Wall Street’s expectations of 13 cents.
Edgar Bronfman Jr.’s bid for a controlling stake in Paramount Global is sending shockwaves through the industry, as it could potentially keep Shari Redstone closely tied to the company. The offer, if successful, would allow Redstone to remain involved with Paramount as a non-executive chairman, as per sources familiar with the matter. With $6 billion
Boeing’s Starliner capsule, which was intended to return NASA astronauts from the International Space Station, will now be returning empty. This decision came as a surprising announcement from NASA, as it revealed that the astronauts Butch Wilmore and Suni Williams will be returning via SpaceX’s Dragon spacecraft instead. The decision has brought about a significant