TGI Fridays Will Close Up to 20 Percent of Its Locations

Plus, here’s how King Arthur Flour is adapting now that everyone is baking, and more news to start your day

At the remaining locations, you might get to eat in a tent

TGI Fridays is the kind of casual dining chain and sports bar that encouraged dining in. Which, at a time when eating at a restaurant is either impossible or comes with extreme restrictions, isn’t great for business. In an interview with Bloomberg, CEO Ray Blanchette says revenue is down about 50%, even with pick-up and delivery services, and up to 20% of the company’s 386 locations may close permanently. “Some will close forever, without a doubt,” he said. “Right now it’s all triage and it’s all about cash: How are you going to make it through and keep the company solvent?”

In April, Fridays’ planned merger with Allegro Merger Corp. was canceled, as were plans for the company to go public. But now, TGI Fridays is trying one new tactic — parking lot party tents, in which diners can eat safely distanced from each other. Currently that option is only available in New Hampshire, but it could be coming to a plate of boneless wings near you.

And in other news...

• A wine auction house is suing shippers over about $400,000 worth of wine that was “cooked” in transit. [Wine Spectator]
• Now that everyone is making bread at home, King Arthur flour is in high demand, and is adapting with more video content. [Modern Retail]
• The U.S. arm of Le Pain Quotidien (the one that’s not Pret A Manger or Au Bon Pain) is filing for bankruptcy. [NRN]
• The CEO of Land O’Lakes is among those on Fast Company’s “Queer 50” list. [Fast Company]
• A restaurant in Astoria, Queens is offering drag performances with delivery. [Astoria Post]
• Papa John’s is seeing the most sales in the history of the company, thanks to everyone being at home and wanting pizza. [RB]
• The alcohol industry is also trying to pivot with more pre-mixed cocktails. [AdWeek]
• Kellyanne Conway says if you can stand in line for a cupcake, you can stand in line to vote, revealing that she still thinks it’s 2011. [Twitter]
• Everyone at Eater wants to eat this rock:

This is a rock, not a slice of cheesecake.
Red agate and White Opal with Botryodial Chalcedony
This specimen from Central Nevada
Credit: Chelsea Thompson#Geology #GeologyPage #Nature pic.twitter.com/Sgyu36P5j4

— Adrenochrome (@Claudia_Zahn) May 26, 2020

• All AM Intel Coverage [E]

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