00:00
Rest in peace to all of our favorite restaurants as a Cirque
00:08
Is that serious? Huh?
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Let's go down the list,
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shall we? All right.
00:13
So Red Lobster has filed for bankruptcy and we'll be closing
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hundreds of stores. Damn,
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oh, the cheddar bread Lobsters are probably celebrating.
00:28
Let us see another day.
00:30
However, we keep going down the list.
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Don't get too happy.
00:36
they have closed over 300 stores in the last five years.
00:40
They have to close another 30 by the end of the year
00:48
you're the bilingual on this?
00:50
Damn. But you know what?
00:51
No more dollar margaritas,
00:52
bro. And the freaking,
00:56
the appetizer. Like the sampler thing.
00:59
The mozzarella sticks, man.
01:02
No one did it like that.
01:04
And also TG I Fridays.
01:08
Yeah, they already closed.
01:10
So TG I Fridays has already closed 36 stores this year,
01:13
but they're on track for more.
01:14
Sister. It keeps going.
01:17
I have some good news for you.
01:18
So, Chili's, you know,
01:19
Chili's right. So apparently it went viral earlier this year for
01:23
people thinking that it was closing all of its stores but that's
01:26
false. So, the fact is that Chili is outperforming the
01:30
industry in both sales and traffic.
01:33
Oh, well, that's a good,
01:34
yeah, that's a good thing then.
01:36
One. Yeah. Is Olive Garden?
01:39
Ok. I think the shaky,
01:43
I think those are fine but you know what that statement is
01:45
A little too corpo to me,
01:46
I feel like the CEO something,
01:47
especially if he's like,
01:48
I don't want to freak him out just yet.
01:50
So this kind of reminds me of like what is happening or
01:55
what allegedly is happening with the 99 cent store.
01:59
So, ok, so like Red Lobster,
02:02
for instance, like a hedge fund bought the company sold off
02:08
all the land that Red Lobster restaurants are on and leased the
02:12
land back to Red Lobster and basically just collected the rent.
02:17
So this is so I feel like this is getting kind of
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the same, it's in the same wavelength on what's happening.
02:24
So the 99 this company that bought them is raising the rent
02:29
and in case and then that's why they can't keep the restaurants
02:34
Yeah. So I mean if there's a heavy correlation to it
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allegedly allegedly interesting, I mean that that makes so much more
02:44
sense because again, it's like you think it's all like you
02:46
go in the business is booming.
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But the rent again because of these other companies are buying land
02:51
and properties, these hedge funds getting hella greedy.
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