Red Lobster filed for Chapter 11 bankruptcy today, and many observers believe the company's decision to make its $20 endless shrimp promotion a full-time menu item last summer was a big cause. The company was originally owned by the same company that operates Olive Garden and Longhorn Steakhouses, but was sold about ten years ago to a private equity firm. Afterwards, the company's largest shrimp supplier, Thai Union, became a controlling shareholder. Thai Union was able to get a friendly CEO installed who changed the endless shrimp promotion to everyday and also terminated the contracts of Red Lobster's two other shrimp suppliers. The result was lots of people eating lots of shrimp but not ordering much else. The company closed 93 underperforming locations a week ago (including one near me).
Expect to see some litigation out of this filing to see whether there was actionable self-dealing on Thai Union's part.
https://www.cnn.com/2024/05/20/business ... index.html
Endless Shrimp Sinks Red Lobster
-
silverscreenselect
- Posts: 24094
- Joined: Mon Oct 08, 2007 11:21 pm
- Contact:
Endless Shrimp Sinks Red Lobster
Check out our website: http://www.silverscreenvideos.com
-
Bob Juch
- Posts: 26991
- Joined: Mon Oct 08, 2007 11:58 am
- Location: Oro Valley, Arizona
- Contact:
Re: Endless Shrimp Sinks Red Lobster
The only Arizona location to close is the one here in Oro Valley. I never ate there.
I do love shrimp, though. I had CookUnity's gumbo for lunch.
I do love shrimp, though. I had CookUnity's gumbo for lunch.
I may not have gone where I intended to go, but I think I have ended up where I needed to be.
- Douglas Adams (1952 - 2001)
Si fractum non sit, noli id reficere.
Teach a child to be polite and courteous in the home and, when he grows up, he'll never be able to drive in New Jersey.
- Douglas Adams (1952 - 2001)
Si fractum non sit, noli id reficere.
Teach a child to be polite and courteous in the home and, when he grows up, he'll never be able to drive in New Jersey.
-
Pastor Fireball
- Posts: 2622
- Joined: Mon May 24, 2010 4:48 am
- Location: Cincinnati, OH, USA
- Contact:
Re: Endless Shrimp Sinks Red Lobster
*raises hand* Guilty!
"[Drumpf's] name alone creates division and anger, whose words inspire dissension and hatred, and can't possibly 'Make America Great Again.'" --Kobe Bryant (1978-2020)
"In times of crisis, the wise build bridges. The foolish build barriers." --Chadwick Boseman (1976-2020)
"In times of crisis, the wise build bridges. The foolish build barriers." --Chadwick Boseman (1976-2020)
-
SportsFan68
- No Scritches!!!
- Posts: 21248
- Joined: Thu Oct 11, 2007 8:36 pm
- Location: God's Country
Re: Endless Shrimp Sinks Red Lobster
Not guilty.
Both SteelersFan and I always have the shrimp fettucine alfredo. No endless shrimp.
Both SteelersFan and I always have the shrimp fettucine alfredo. No endless shrimp.
-- In Iroquois society, leaders are encouraged to remember seven generations in the past and consider seven generations in the future when making decisions that affect the people.
-- America would be a better place if leaders would do more long-term thinking. -- Wilma Mankiller
-- America would be a better place if leaders would do more long-term thinking. -- Wilma Mankiller