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.