Bahama Breeze could offload remaining restaurants
The future of Bahama Breeze is in limbo a month after Olive Garden-owner Darden shuttered over a third of its restaurants. Darden confirmed the company 'will be considering strategic alternatives' following the brand's sharp sales decline. These alternatives include potentially selling the brand or 'converting restaurants to other Darden brands.'
'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 Darden CEO Ricardo Cardenas. The news came after the company made the sudden decision to close 15 restaurants.
Darden spokesperson Kiara Buckner explained at the time that the company believed the closures were 'the right decision' to strengthen Bahama Breeze's performance. The company has not revealed what 'alternative' its leaning toward and whether there are any potential bidders.
However, it believes Bahama Breeze could thrive under new ownership. Founded in 1996, the small, Caribbean-inspired restaurant chain opened its first location in Orlando, Florida. Bahama Breeze expanded to other states and operated approximately 43 locations by 2014.
Following the abrupt closures, only 29 of these longtime restaurants remain in operation. Darden has shown no signs of slowing down its powerhouse restaurant chains like Olive Garden and LongHorns, one of the nation's favorite restaurant chains.
Olive Garden started giving customers the option to place orders its website or app and have them delivered by Uber drivers . It's also refreshed its menu, launched a new Spicy Three-Meat Sauce, and limited-edition products for the summer season, including pool floats and items inspired by fan-favorite offerings.
This brand, along with LongHorns, Yard House, and other Darden-owned chains have yet to experience the same level of mass closures as Bahama Breeze. However, Olive Garden noticeably lost its title of being the top US restaurant after holding the top spot for seven years. Bahama Breeze is not the only restaurant chain exploring alternatives to recover from things like declining customer traffic and inflation.
Jack in the Box began searching for bidders to purchase the Del Taco brand before announcing Jack in the Box it would close up to 200 restaurants . Hooters is in the middle of selling off restaurants after filing for bankruptcy in March. However, Hogan's Real American Beer is reportedly eyeing an all-cash offer to bid for some of its intellectual property.
Unlike the others, the Bojangles chain is searching for a buyer not because it's struggling, but because it's thriving. Some buyers acted quickly, including Pappas Restaurants, successfully bidding on On The Border Mexican Grill & Cantina in May for $10 million two months after the chain filed for bankruptcy protection . DailyMail.com has reached out to Darden for comment about the closures.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Reuters
an hour ago
- Reuters
Are funds' corn views heading for the ultra-bearish year-ago levels?
NAPERVILLE, Illinois, June 23 (Reuters) - Like a broken record, speculators continued selling Chicago corn last week. Their bearish corn stance is now almost identical to their year-ago one, which preceded the all-time net short set in early July. There are some notable differences between the two years, however. The latest Commitments of Traders data, published on Monday afternoon instead of the normal Friday slot due to last week's holiday, showed that money managers increased their net short position in CBOT corn futures and options to 184,788 contracts through June 17, up from 164,020 a week earlier. That marked funds' most bearish corn view since late August, and it was their 16th week as net sellers out of the last 19 weeks. A year ago, the managed money corn net short was only a few thousand contracts larger. In June 2024, the U.S. Department of Agriculture projected domestic 2024-25 corn ending stocks rising 4% from 2023-24. USDA currently pegs 2025-26 U.S. corn carryout rising 28% from 2024-25. The volume trend is reversed. USDA's latest 2025-26 estimate of 1.75 billion bushels is well below the 2024-25 estimate from a year ago of 2.1 billion bushels. However, Brazil is harvesting a bumper corn crop much larger than a year ago, and U.S. crop conditions are above average with decent weather expected in the near term. Both old- and new-crop CBOT corn futures are trading slightly below the year-ago levels. July corn notched a lifetime low on Monday while December futures hit six-month lows. The weakness in nearby corn prices – and the implied roominess in U.S. stockpiles – will be tested next Monday when USDA publishes its June 1 stocks survey. Industry participants will also be watching to see if U.S. corn plantings expand further from the 12-year high pegged in March. CBOT soybean oil surged 14.6% in the week ended June 17 but was up as much as 16% after proposed U.S. biofuel blending targets exceeded expectations. That brought most-active futures to the highest levels since October 2023. Money managers extended their net long in CBOT soybean oil futures and options to 46,143 contracts through June 17, up more than 21,000 on the week. For comparison, funds' net buying has exceeded 35,000 contracts in three different weeks so far this year. Ample global soybean meal supplies have lured funds deep into their bear cave. Through June 17, money managers added more than 20,000 contracts to their CBOT soybean meal net short, which rose to 107,081 futures and options contracts, within a couple hundred of last month's record. Speculators' soybean moves echoed their soybean oil ones. Through June 17, money managers boosted their net long in CBOT soybean futures and options to 59,165 contracts, their most bullish stance since November 2023. That compared with 25,639 a week earlier and was split between new longs and short covering. CBOT September wheat rose 3% in the week ended June 17, and money managers cut their net short position in CBOT wheat futures and options to a 13-week low of 81,353 contracts from 94,011 a week earlier. September wheat gained 0.7% over the last three sessions but was up as much as 5% during the period on global supply concerns. Soyoil lost nearly 3% over the last three sessions, meal was down fractionally, and both old- and new-crop corn and soybean contracts posted losses. In addition to monitoring U.S. weather and positioning ahead of USDA's June 30 stocks and acres reports, traders will need to keep an eye on the Middle East conflict, which tanked crude oil prices on Monday. U.S. President Donald Trump said late on Monday that a ceasefire had been reached between Israel and Iran, so the situation is still very much unfolding. Karen Braun is a market analyst for Reuters. Views expressed above are her own. Enjoying this column? Check out Reuters Open Interest (ROI), opens new tab, your essential new source for global financial commentary. ROI delivers thought-provoking, data-driven analysis of everything from swap rates to soybeans. Markets are moving faster than ever. ROI, opens new tab can help you keep up. Follow ROI on LinkedIn, opens new tab and X., opens new tab
Reuters
an hour ago
- Reuters
Shares cheered in Asia as Trump announces Iran-Israel ceasefire
SYDNEY, June 24 (Reuters) - Wall Street futures rose and the dollar eased in Asia on Tuesday after U.S. President Donald Trump said Iran and Israel had agreed to a ceasefire, sending oil prices into a deep dive as concerns over supply disruptions ebbed. Writing on his Truth Social site, Trump implied a ceasefire would go into effect in 12 hours and then the war would be considered "ended". Oil prices fell another 4%, having already slid 9% on Monday when Iran made a token retaliation against a U.S. base which came to nothing and signalled it was done for now. However, both Israel and Iran continued their missile strikes, making investors cautious about piling into risk assets just yet. "This lifts some of the geopolitical uncertainty surrounding the markets, although, for the most part, equity investors have been kind of shrugging the uncertainty off," said Jack Ablin, chief investment officer at Cresset Wealth Advisors in Palm Beach, Florida. "It certainly sounds like a significant milestone, and I hope it's true." With the immediate threat to the vital Strait of Hormuz shipping lane seemingly over, U.S. crude futures fell another 4% to $65.75 per barrel. S&P 500 futures gained 0.3% in early trade, while Nasdaq futures added 0.5%. Nikkei futures traded up at 38,905 , well above the cash close of 38,354 . Futures for 10-year Treasuries fell 6 ticks as the need for safe havens lessened, while interest rate futures slipped as investors rowed back a little on expectations for rate cuts. The market had rallied on Monday after Federal Reserve Vice Chair for Supervision Michelle Bowman said the time to cut interest rates was getting nearer as risks to the job market may be on the rise. Fed Chair Jerome Powell will have his own chance to comment when appearing before Congress later on Tuesday and, so far, has been more cautious about a near-term easing. Markets still only imply around a 22% chance the Fed will cut at its next meeting on July 30. News of the ceasefire saw the dollar extend an overnight retreat and slip 0.1% to 145.92 yen , while the euro edged up 0.1% to $1.1589. The yen and euro benefited from the slide in oil prices as both the EU and Japan rely heavily on imports of oil and liquefied natural gas, while the United States is a net exporter. The risk-on mood saw gold prices ease 0.4% to $3,353 an ounce .
The Independent
an hour ago
- The Independent
‘This is about more than burgers and fries': Boycott of McDonald's to begin this week
A grassroots advocacy group is calling for a week-long boycott of McDonald's, accusing the fast food chain of price gouging, unfair labor practices, and avoiding taxes. 'This is about more than burgers and fries, this is about power,' The People's Union USA said in a statement on Instagram. 'When we unite and hit corporations in their wallets, they listen.' The group, which has previously called for boycotts of Amazon, Nestlé, Walmart, General Mills, and Target, accused the Golden Arches of a litany of unsavory tactics. Earlier this month, People's Union leader John Schwarz said McDonald's had a record of 'silencing' workers and blocking union attempts, as well as seeking to 'exploit global supply chains and environmental loopholes' and engaging in performative diversity initiatives while the corporation's 'political donations and lobbying often support candidates and legislation that undermine equity, labor rights, and marginalized communities.' The calls for a boycott come at a delicate time for the fast food giant, following a string of difficulties including a fall 2024 E coli outbreak linked to its Quarter Pounders, as well as decreasing sales and a backlash to its January decision to roll back diversity programs, joining numerous companies that took similar steps with the election of Donald Trump. The Independent has contacted McDonald's for comment. Last fall, Democratic senators accused McDonald's of price gouging in a letter to its corporate leadership. 'McDonald's own reports indicate that the company's price increases may be outstripping inflation,' read the October message from Senators Elizabeth Warren, Bob Casey, and Ron Wyden. 'As a result, McDonald's net annual income rose by over 79% — to nearly $8.5 billion — from 2020 to 2023.' McDonald's has strongly denied price gouging allegations and says its individual franchisees set menu prices, with an emphasis on affordability. Last year, fast food workers in California across various brands including McDonald's formed a union associated with the Service Employees International Union, a major development in an industry with low union penetration. The People's Union USA, which began attracting significant attention earlier this year, has quickly racked up endorsements from prominent celebrities for its efforts, including author Stephen King, actor John Leguizamo, and actress Bette Middler. A GoFundMe for the movement has raised more than $125,000 in the last four months. Its leader, Schwarz, a father of three and meditation teacher who lives in Chicago, was sentenced to 90 days in jail for alleged exploitation related to a cafe he once reportedly owned. In 2007, the activist was sentenced by a Connecticut judge to 90 days in jail for disseminating voyeuristic material, The New York Times reports. Schwarz, 39 at the time of the incident in question, was accused of photographing an unconscious 18-year-old's exposed breast and texting the image to her cell phone, per the paper. The teen worked at the now-closed Sugar Cube Cafe, which Schwarz owned, according to state records obtained by the Times. 'This whole thing was a big scam,' Schwarz told the paper. 'It's going to be expunged. I passed my polygraph test three times. Three times. I did not take a photograph. I did not do anything inappropriate to anybody.' The activist responded to the charge using an Alford plea, in which defendants don't technically admit guilt, but acknowledge prosecutors likely have the evidence to convict them, according to the report.
