GOING DOWN, GOING BUST, GOING OUT

AMERICAN AIRLINES REPORTS WEAK FIRST QUARTER. The airline’s revenue for 2021’s first quarter was 62 percent lower during the first three months of 2019, year over year, the carrier reported, and carrying capacity – the number of seats available – was off 42 percent.

The company expects to post a first-quarter loss of between $2.7 billion and $2.8 billion, it said in a statement announcing the first-quarter result.

GOLDEN CORRAL’S SECOND-LARGEST FRANCHISEE GOES BUST. Platinum Corral, based in Jacksonville, North Carolina, with 28 buffet restaurants in six mid-Atlantic and Appalachian states, has closed most of its locations and sought shelter in Chapter 11 bankruptcy.

The company told the court it owes $49.4 million, including $5.6 million in back rent and $6.7 million in Paycheck Protection Loans it needs to repay.

The chain reported sales of $89 million in 2019.

The company has reopened 10 of its sites and will unlock two more; the remaining 16 will stay shut, the company said in a statement announcing its bankruptcy.

The Golden Corral chain closed its 35 company-owned restaurants in March. Its largest franchisee, 1069 Restaurant Group, declared bankruptcy last October.

2 Comments
  1. HandsFree 2 weeks ago

    Sing high sing low sweat cherry ya ha for the coming to take you home

  2. Paul Sacco 2 weeks ago

    AAL – losing billions and still choosing to go woke.

    I guess the thinking is if they bend the knee to the NWO goons, they will eventually be bailed out.

    I’m old enough to remember when companies actually bent over backwards to please their customers because if they didn’t, there were plenty of others who would.

    But that’s when the United States was the land of the free; the home of the brave.

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