Things To Do In SW Florida

TALLAHASSEE — More than two-thirds of the $3 billion set aside by the Florida Legislature to shore up the state’s collapsing property insurance industry has gone untouched since it first became available in 2022.

Many insurance companies, which asked the Legislature for help, have mostly steered clear of that money. Industry analysts said it only covered a small part of their hurricane losses or was too expensive compared with the reinsurance they could get in the private market. Insurers had to reduce rates to get the money.

Legislative leaders and insurance industry insiders, meanwhile, are cheering modest signs that the Florida property insurance market is improving. It’s happening after years of skyrocketing rate increases and companies discontinuing writing policies, leaving the state or going under.

“We are seeing new insurers and new private capital enter Florida, while large companies recommit to our state, citing recent reforms,” Senate President Kathleen Passidomo, R-Naples, said in a memo to the state’s senators. “Unfortunately, we all know it is taking time for the positive momentum we are seeing across the market as a whole to reach kitchen tables around the state.” read more

By MICHELLE CHAPMAN (AP Business Writer)

Target plans to cut prices on thousands of consumer basics this summer, from diapers to milk, as inflation cuts into household budgets and more Americans pay closer attention to their spending.

The price cuts, already applied to 1,500 items, will eventually include 5,000 food, drink and essential household goods. Target and other retailers are increasingly catering to customers who are struggling with higher prices for groceries, though inflation has begun to cool. Many of them have switched to private label brands sold by Target and others big retailers, which are typically less expensive than well-known brands.

Target launched one such collection in January called Dealworthy which includes nearly 400 basic items, ranging from clothing to electronics, that can cost less than $1, with most items under $10.

Last week, McDonald’s said that it was planning to introduce a $5 meal deal in the U.S. next month to counter slowing sales and customer frustration with higher prices. Walmart posted strong quarterly sales last week driven by a influx of customers, including households with incomes of more than $100,000, looking for bargains. read more

Red Lobster has filed for Chapter 11 bankruptcy and plans to seek a buyer for the financially troubled seafood chain based in Orlando.

The bankruptcy, first reported by Bloomberg, came in U.S. District Court in Orlando and will allow the company to continue operating. The filing listed company assets of $1 billion to $10 billion and liabilities of $1 billion to $10 billion.

In  a news release late Sunday, the company said the plan is to “simplify the business through a reduction in locations, and pursue a sale of substantially all of its assets.”

“This restructuring is the best path forward for Red Lobster,” said CEO Jonathan Tibus in the release. “It allows us to address several financial and operational challenges and emerge stronger and re-focused on our growth.

Tibus also said the company would be sold.

“The support we’ve received from our lenders and vendors will help ensure that we can complete the sale process quickly and efficiently while remaining focused on our employees and guests,” the CEO said. read more

Red Lobster has filed for Chapter 11 bankruptcy and plans to seek a buyer for the financially troubled seafood chain based in Orlando.

The bankruptcy, first reported by Bloomberg, came in U.S. District Court in Orlando and will allow the company to continue operating. The filing listed company assets of $1 billion to $10 billion and liabilities of $1 billion to $10 billion.

In  a news release late Sunday, the company said the plan is to “simplify the business through a reduction in locations, and pursue a sale of substantially all of its assets.”

“This restructuring is the best path forward for Red Lobster,” said CEO Jonathan Tibus in the release. “It allows us to address several financial and operational challenges and emerge stronger and re-focused on our growth.

Tibus also said the company would be sold.

“The support we’ve received from our lenders and vendors will help ensure that we can complete the sale process quickly and efficiently while remaining focused on our employees and guests,” the CEO said. read more

Kissimmee is taking a new approach to help solve a problem that’s not — reinventing the city’s aging, motel-laden corridor.

The city is collaborating with the Orlando Economic Partnership (OEP) in a pilot program to breathe new life into Vine Street by attracting larger businesses to the area.

The partnership is part of the city’s plan to continue growing despite having only 850 acres of undeveloped land left.

Tom Tomerlin, city economic development director, said challenges facing Kissimmee are not unique.

“The exciting thing is that it’s going to take a fresh look at something that affects a lot of communities throughout the state,” Tomerlin said. “We have these arterial roadways that at one time served the retail needs of a community or even tourists in our case but … it’s a Florida problem of how corridors whose lifeblood shifted get reinvented.”

“Can a corridor like this that at one time was tourist-serving be reinvented in such a way that it becomes a job corridor? That is one of the interesting questions we are exploring.” read more