Daily 5 report for Sept. 5: Ford joins the hybrid-powered gain in August U.S. sales
Major gain in hybrid vehicle deliveries led Ford’s 13% rise in August U.S. sales.
Orlando-based Red Lobster can exit bankruptcy, judge rules
After months of dozens of restaurant closings and headlines about “endless shrimp” woes, Red Lobster is poised to soon exit from Chapter 11 bankruptcy protection.
A U.S. bankruptcy judge on Thursday approved the casual seafood chain’s reorganization plan and sale to a lender group led by asset manager Fortress. Fortress, joined by co-investors TCW Private Credit and Blue Torch, created RL Investor Holdings LLC to acquire Red Lobster through bankruptcy court.
Damola Adamolekun, who stepped down as P.F. Chang’s CEO in 2023, is poised to become CEO of Red Lobster with the judge’s ruling.
The judge’s ruling comes just four months after Red Lobster filed for bankruptcy protection as it pursued a sale, following years of mounting losses and dwindling customers while it struggled to keep up with competitors.
At the time of filing in May, Red Lobster’s leadership shared plans to “simplify the business” through a reduction of locations. The Orlando-based chain shuttered a number of its North American restaurants in recent months — both leading up to and during the bankruptcy process. That includes more than 50 locations whose equipment was put up for auction just days before the Chapter 11 petition, followed by dozens of additional closures throughout the bankruptcy process.
Volvo bulks up hybrid lineup as it delays electric-only switch
Volvo has backed away from a goal of going all-electric by 2030, but it still has five EVs in the works including a low-slung ES90 sedan and the EX60 midsize crossover.
Toyota dealer gathering to focus on partnership, products, says brand head Dave Christ
Toyota dealers will gather for their national dealer meeting in Las Vegas on Sept. 10-11 to discuss the Japanese brand’s upcoming products and strategy, while dealers may want to question the brand about a spate of embarrassing recalls.
Nutrition programs for older adults face service cuts
Jessie Hellmann | (TNS) CQ-Roll Call
WASHINGTON — Programs that feed older, homebound adults are instituting waiting lists amid budget crunches, rising costs of food, growing demand for their services and funding cuts from the government.
Combined with the end of COVID-19 era aid, local groups are finding that they can no longer serve the same number of people, resulting in difficult decisions about next steps.
“This is a huge challenge for our network,” said Josh Protas, chief advocacy and policy officer at Meals on Wheels America, a national organization that supports local organizations delivering meals to homebound individuals, mainly older adults.
Meals on Wheels is among the groups pushing for funding increases through the appropriations process for programs funded under the Older Americans Act, a decades-old law first signed by President Lyndon Johnson to support adults as they age in their communities.
One in three Meals on Wheels programs has a wait list, with an average wait time of three months.