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Happy Monday! Have a great week:
👉 Red Lobster files for bankruptcy
👉 Saudia Arabia working with Boeing
👉Iran President has died
BANKRUPT: Red Lobster
Red Lobster has filed for bankruptcy due to high costs and a failed shrimp promotion. The Orlando-based chain listed assets and liabilities between $1 billion and $10 billion, allowing it to keep operating while repaying creditors.
Source: FOX
Lenders will take control and provide $100 million for support. CEO Jonathan Tibus reported a 30% drop in diners since 2019 and a $76 million loss in 2023 due to inflation and high labor costs. The "Ultimate Endless Shrimp" promotion cost $11 million. An out-of-court deal with lenders failed despite a $20 million loan in February.
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BOEING: Saudi Arabia
Saudi Arabia is working with Boeing to get its aluminum and titanium approved for use in planes to boost local manufacturing. This could help the manufacturers with supply issues. The country is also looking to make more aircraft parts locally.
Source: Youtube
Saudi Arabia aims to diversify its economy by becoming a hub for metals and mining. The kingdom is set to place many new airplane orders. Boeing is exploring making aviation-grade titanium in Saudi Arabia with local company Tasnee. The country aims to attract $100 billion in aviation investment by 2030, focusing on airports, infrastructure, and aircraft.
IRAN: President Has Died
The sudden death of Iranian President Ebrahim Raisi in a helicopter crash has thrown Tehran into further uncertainty amid its economic crisis, public discontent, and ongoing conflicts. The helicopter carrying Raisi crashed while returning from Azerbaijan in poor weather, killing both Raisi and Iran’s Foreign Minister Hossein Amirabdollahian.
Source: CNBC
Attention now turns to the future of Iran, home to nearly 90 million people and a government that supports various regional armed groups, including Hamas, Hezbollah, and the Houthis.
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