chapotraphouse

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RIP Red Lobster, you died doing what you loved (hexbear.net)

submitted 3 months ago by [email protected] to c/[email protected]

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catastrophically underestimating the cost of a poorly thought-out deal on cheap shellfish

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[–] [email protected] 38 points 3 months ago* (last edited 3 months ago) (1 children)

Very funny story, tl;dr

Red Lobster are $1B billion in debt
The previous owner sold land that the restaurants sit on to the new owner who then and leased it back to Red Lobster at massive increases
Thai Union became the only Red Lobster shrimp vendor, overcharging for shrimp and skipping quality reviews (Thai Union has written off its $500m+ investment)
Thai seafood firm Thai Union is an owner in the company and used Endless shrimp to dump its own shrimp supply which cost Red Lobster $11 million

[–] [email protected] 33 points 3 months ago

behind every good news story about a brand going under is the real story about innovative financial crimes committed by a venture capital firm that is something of an artisan at that sort of thing.