Red Lobster is considering closing more locations as it continues to reevaluate its restaurant footprint in the wake of its 2024 bankruptcy.

The seafood chain shuttered roughly 130 restaurants when it went through the bankruptcy process and Red Lobster CEO Damola Adamolekun told The Wall Street Journal in an interview that the company is continuing to review its locations and leases as it considers ways to curb costs.

Adamolekun said in the interview that visits have risen, with sales up about 10% from last year, but they haven’t recovered to pre-bankruptcy levels and many of the chain’s locations need upgrades.

“There’s a lot of positive signs, but we inherited a very damaged brand, so there’s still work to do to repair all of that,” he told the Journal.

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Red Lobster is weighing additional location closures as it continues to restructure its business. (Justin Sullivan/Getty Images)

Red Lobster filed for bankruptcy in May 2024 after it racked up steep losses amid reduced sales and losses generated from an endless shrimp deal that was originally priced at $20. 

The company is also dealing with the fallout from a 2014 move that sold off ownership of the chain’s real estate and saddled the company with lease payments. 

Some of those leases involve multiple restaurants, which Adamolekun said has made it difficult to close some poorly performing locations because their lease is linked with higher performing ones.

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Damola Adamolekun was named CEO of Red Lobster in August 2024. (Fortress Investment Group)

The Journal reported that people familiar with the company’s discussions said Red Lobster would ideally have dozens fewer restaurants in its portfolio so that it could focus on higher-performing locations.

Adamolekun was hired as CEO by the chain’s new ownership in August 2024 after he led a restructuring effort at P.F. Chang’s. 

The company has cut roughly 10% of its corporate staff in recent months and the Journal’s report noted that Red Lobster is negotiating with seafood vendors as tariffs have pushed the costs of imported seafood higher.

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A waitress carries a tray of a lobster kettle and a crab trio dish at a Red Lobster restaurant in Yonkers, New York. (Michael Nagle/Bloomberg via Getty Images)

Adamolekun told the Journal that once the company has dealt with struggling locations, Red Lobster could look to expand in upstate New York and New England, where it has a limited presence. 

He’s also considering franchise deals for international locations as well as selling more Red Lobster-branded products, like Cheddar Bay Biscuit mixes, through retail channels.

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FOX Business reached out to Red Lobster for comment.

Cheerios maker General Mills cut its annual sales and profit forecasts, citing weak consumer sentiment and a shift toward healthier and lower-cost food options that are pressuring demand for packaged products.

“Weak consumer sentiment, heightened uncertainty, and significant volatility have weighed on category growth and impacted consumer purchase patterns, resulting in a slower pace and higher cost of volume recovery than initially expected,” the company said in a statement ahead of its presentation at the Consumer Analyst Group of New York (CAGNY) conference on Tuesday morning. 

The shifting consumer landscape, driven in part by the growing preference for healthier options and increased adoption of GLP-1 weight-loss drugs, is adding further pressure to packaged food demand.

Packages of Cheerios, a brand owned by General Mills, are seen in a store in Manhattan. (Andrew Kelly/Reuters)

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General Mills CEO Jeff Harmening said during the company’s presentation at CAGNY that the growing competition for protein options is also a factor. General Mills has its own line of protein cereals.

“We expect GLP-1 and other anti-obesity medications to have a lasting influence in the food and nutrition landscape, nudging some consumers toward smaller portions and more nutrient-dense protein and fiber-forward foods,” Harmening said.

The chief executive also said the company recognizes that its lower- and middle-income consumers have increasingly focused on value as economic pressures continue to weigh on their budgets.

“Cost of living and housing pressures are reshaping spending patterns and value is a core expectation that is here to stay,” Harmening said.

Cheerios for sale at a grocery store on Dec. 22, 2025 in Durham, North Carolina. (Al Drago/Getty Images)

Earlier this month, PepsiCo cut prices on core brands such as Lay’s and Doritos by up to 15% following a consumer backlash against earlier price hikes.

Peer Conagra, maker of Slim Jim meat snacks, has maintained its annual sales and profit targets despite reporting a muted second quarter.

General Mills, which left its annual outlook unchanged in December, has been grappling with muted demand as Americans curb discretionary spending and shift to cheaper pantry staples.

A woman shops for Cheerios at a Price Chopper supermarket in South Burlington, Vermont, Nov. 6, 2017. (Robert Nickelsberg/Getty Images)

General Mills now expects annual sales to decline 1.5% to 2%, compared with its prior range of down 1% to up 1%.

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The company also forecast annual adjusted operating profit and adjusted earnings per share will fall 16% to 20% in constant currency, versus its previous outlook for a 10% to 15% decline.

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Reuters contributed to this report.

Tesla will avoid a 30-day suspension of its dealer and manufacturer licenses in California after complying with a state order to stop using the term “autopilot” when marketing its vehicles, state regulators said Tuesday.

The decision comes after the California Department of Motor Vehicles (DMV) found in December 2025 that Tesla violated state law by misleadingly marketing its electric vehicles with the terms “autopilot” and “full self-driving.”

The regulator said Tuesday that Elon Musk’s electric vehicle company took “corrective action” and had stopped using the term “autopilot,” and noted that Tesla already modified its use of the term “full self-driving” by clarifying that driver supervision is required.

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Tesla avoided a 30-day suspension of its California sales licenses after regulators said the company complied with an order to stop using the term “autopilot” in its marketing. (Yichuan Cao/NurPhoto / Getty Images)

“The DMV is committed to safety throughout all California’s roadways and communities,” California DMV Director Steve Gordon said in a statement. “The department is pleased that Tesla took the required action to remain in compliance with the State of California’s consumer protections.”

According to the DMV, Tesla’s Advanced Driver Assistance System (ADAS) marketing materials beginning in 2021 used the terms “autopilot” and “full self-driving capability,” along with the phrase, “The system is designed to be able to conduct short and long-distance trips with no action required by the person in the driver’s seat.”

However, the DMV said the vehicles “could not at the time of those advertisements, and cannot now, operate as autonomous vehicles.”

The DMV filed accusations against Tesla’s manufacturer and dealer licenses in November 2023, and the automaker Tesla discontinued use of the term “full self-driving capability” after noting that the system required driver supervision.

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California regulators said Tesla took corrective action in its marketing of driver-assistance features, avoiding a temporary suspension of its sales licenses. (Eric Thayer/Bloomberg via Getty Images / Getty Images)

Last year, the California Office of Administrative Hearings held a hearing before an administrative law judge, who issued a proposed decision in November finding that the term “autopilot” violated state law.

The DMV had given Tesla 60 days to take corrective action. By complying, Tesla avoided a temporary suspension in California — its largest U.S. market.

According to its website, Tesla’s “autopilot” feature allows vehicles to match the speed of traffic and assists with steering within a marked lane.

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Tesla, led by Elon Musk, complied with a state order to stop using the term “autopilot” in California advertising, regulators said. (Fabrice COFFRINI/AFP via Getty Images / Getty Images)

The “full self-driving (supervision)” feature alerts drivers of stop signs and traffic lights, and can slow the vehicle to a stop while approaching the signal, all with driver supervision.

FOX Business reached out to Tesla for comment.

TFEX announced the “TFEX Best Award 2025” to recognize broker excellence. Awards went to MTSGF, PI, KGI, KKPS, YUANTA, CAF, and INVX for outstanding performance and market contributions.

KEY POINTS

• TFEX announced the “TFEX Best Award 2025”, recognizing member companies for excellence in the areas of investor base expansion, market maker performance and active trading.
• Seven awarded brokers were MTSGF, PI, KGI, KKPS, YUANTA, CAF, and INVX

BANGKOK, February 16, 2026 – Thailand Futures Exchange pcl (TFEX) announced the recipients of the TFEX Best Award 2025, an annual recognition program honoring member companies for their excellence and outstanding performance across key areas of the derivatives market. TFEX Managing Director Triwit Wangvorawudhi emphasized that the strong cooperation and continued support from all members have been instrumental in driving the development and growth of Thailand’s derivatives market.

The “TFEX Best Award of Honor 2025” was presented to brokers that have demonstrated exceptional and consistent excellence for at least three consecutive years. The following companies received this distinction:

• MTS Capital Co., Ltd. (MTSGF) – Market Maker Best Performance
• Pi Securities pcl (PI) – Active Agent
• KGI Securities (Thailand) pcl (KGI) – Most Active House and Active Prop-Trading

For the “Best of the Year Award 2025”, the following brokers were recognized for their outstanding achievements based on trading performance and investor base expansion in each category:

• Kiatnakin Phatra Securities pcl (KKPS) – Most Active House Award
• Yuanta Securities (Thailand) Co., Ltd. (YUANTA) – Active Agent Award
• Classic Ausiris Investment Advisory Securities Co., Ltd. (CAF) – Active Prop-Trading Award
• InnovestX Securities Co., Ltd. (INVX) – Popular Agent Award
• KGI Securities (Thailand) pcl (KGI) – Market Maker Best Performance Award

Source : Thailand Futures Exchange announces TFEX Best Award 2025 for outstanding derivatives brokers

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