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38. A material portion of the Company’s leases are priced above market rates. The Company currently leases 687 locations (247 in Master Leases and 440 individual property leases). In 2023, the Company spent approximately $190.5 million in lease obligations, over $64,000,000 of which relate to underperforming stores. Given the Company’s operational headwinds and financial position, payment of lease obligations associated with non-performing leases has caused significant strains on the Company’s liquidity.

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38. A material portion of the Company’s leases are priced above market rates. The Company currently leases 687 locations (247 in Master Leases and 440 individual property leases). In 2023, the Company spent approximately $190.5 million in lease obligations, over $64,000,000 of which relate to underperforming stores. Given the Company’s operational headwinds and financial position, payment of lease obligations associated with non-performing leases has caused significant strains on the Company’s liquidity.
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Dan Gillmor (dangillmor@mastodon.social)'s status on Tuesday, 21-May-2024 14:08:43 JST Dan Gillmor

Meet the "private equity" people who did so much to drive Red Lobster into the ground -- the top executives at Golden Gate Capital.
https://goldengatecap.com/team/?_sft_function=operating-executives
They sold off the restaurant real estate to help pay for the buyout, and leased it back at what the bankruptcy filing describes as "priced above market rates."

In conversation about 9 months ago from mastodon.social permalink