Business

National restaurant chain Red Lobster Management LLC, and its related subsidiaries, announced late Sunday that it has voluntarily filed for Chapter 11 bankruptcy relief in the U.S. Bankruptcy Court for the Middle District of Florida. The news came via an 11:34 p.m. release distributed by the company. Orlando-based Red Lobster said the filing is part of a reorganization to maintain the business as a going concern so it can sell to a buyer.

Business is down considerably for a company that sails charter trips around the Baltimore harbor, but the hope is to get back to normal soon. Ever since the collapse of the Francis Scott Key Bridge on March 26, Capt. Bobby LaPin, the owner of Boat Baltimore, said his business has been down 23% compared to this same time last year.

A crash course on the economics of modern racehorse ownership: Julie Hobson bought a 0.02% share of Seize the Grey for $127. When the horse won the Preakness Stakes on Saturday evening, she — and every other microshare owner — earned $158 of the $2 million purse. But Hobson also spent $2,000 just to get to Baltimore after her flight was delayed from her home in Northern California.

Just hours before high tide, when officials planned to start refloating the enormous container ship that toppled the Francis Scott Key Bridge and restricted maritime traffic for two months, the longshoremen of Local 333 were dancing to vintage Jackson 5 tunes and slurping water ice. Eight weeks of angst had ended, and it might as well finish with a party. The longshoremen were going back to work, at long last.

Royal Caribbean and Carnival are getting ready to sail out of the Port of Baltimore as the first cruise departures from the port since the March 26 collapse of the Francis Scott Key Bridge. The Port of Baltimore announced that Vision of the Seas, owned by Royal Caribbean, will embark on a five-night voyage on May 25 from Baltimore to Bermuda.

Under Armour is preparing to layoff an unspecified number of employees following a drop in sales in North America, the Baltimore-based company’s largest market. The company’s overall revenues were down 5% to $1.3 billion for the fiscal year ending in 2024. Under Armour expects to spend $70 to $90 million as it restructures operations and finances.

One of Maryland’s most prolific developers confirmed it will break ground in 2025 on Viva White Oak, a multibillion-dollar project next to the U.S. Food and Drug Administration in Silver Spring that’s languished for more than a decade. We reported in January that Baltimore-based MCB Real Estate was taking up the torch for the stalled project, and that it was anticipated to break ground in the latter half of next year, citing County Executive Marc Elrich’s budget proposal at the time.