Current Events > Red Lobster files for bankruptcy.

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GhostFaceLeaks 05/20/24 12:15:43 PM #51:	[LFAQs-redacted-quote] Tell me how many seafood based restaurants exist. A majority of them shut down because seafood is a niche food to have around in comparison to burgers or pork. --- "Do you like Scary movies?" <cite>GhostFaceLeaks posted [p:980476241] in Red Lobste... [t:80772831]...</cite> <quote><cite>[LFAQs-redacted-quote]</cite> Tell me how many seafood based restaurants exist. A majority of them shut down because seafood is a niche food to have around in comparison to burgers or pork. </quote> ... Copied to Clipboard!
Golden_Key33 05/20/24 12:16:45 PM #52:	WingsOfGood posted... How much did it cost? I'm heading to Canada on Wednesday, so I'll find out soon (we don't have one here). --- Seaman_Prime: Oh **** there was a second Oompa Loompa! TomClark: I am rejuvenated by this whimsical turn of events! <cite>Golden_Key33 posted [p:980476251] in Red Lobste... [t:80772831]...</cite> <quote>WingsOfGood posted... </cite><quote>How much did it cost?</quote>I'm heading to Canada on Wednesday, so I'll find out soon (we don't have one here). </quote> ... Copied to Clipboard!
Dungeater 05/20/24 12:17:33 PM #53:	[LFAQs-redacted-quote] well the jerk store called they're runnin outta you --- My fate was the grandest, most brilliant of them all. He/Him <cite>Dungeater posted [p:980476256] in Red Lobste... [t:80772831]...</cite> <quote><cite>[LFAQs-redacted-quote]</cite> well the jerk store called they're runnin outta you </quote> ... Copied to Clipboard!
WingsOfGood 05/20/24 12:22:13 PM #54:	Dungeater posted... well the jerk store called they're runnin outta you Jerk is a tasty sauce for food. <cite>WingsOfGood posted [p:980476318] in Red Lobste... [t:80772831]...</cite> <quote>Dungeater posted... </cite><quote>well the jerk store called they're runnin outta you</quote>Jerk is a tasty sauce for food.</quote> ... Copied to Clipboard!
RoosterGold 05/20/24 12:37:39 PM #55:	The shrimp thing always sounded like bullshit to me. Why not just end the deal or increase the price if that was really the killer? --- The greatest rooster you've never heard of <cite>RoosterGold posted [p:980476526] in Red Lobste... [t:80772831]...</cite> <quote>The shrimp thing always sounded like bullshit to me. Why not just end the deal or increase the price if that was really the killer? </quote> ... Copied to Clipboard!
1337toothbrush 05/20/24 12:39:28 PM #56:	If you want good seafood, go to an Asian restaurant. --- https://imgur.com/a/FU9H8 - https://i.imgur.com/ZkQRDsR.png - https://i.imgur.com/2x2gtgP.jpg <cite>1337toothbrush posted [p:980476550] in Red Lobste... [t:80772831]...</cite> <quote>If you want good seafood, go to an Asian restaurant. </quote> ... Copied to Clipboard!
Bio1590 05/20/24 12:41:35 PM #57:	Enclave posted... I mean, that DID happen. Let me see if I can find a link. https://www.prnewswire.com/news-releases/american-realty-capital-properties-closes-15-billion-red-lobster-sale-leaseback-transaction-268936111.html Basically firm buys Red Lobster, doesn't have enough money to buy Red Lobster so they sold off all the property Red Lobster owned and leased it back in order to pay for Red Lobster. This likely had far more to do with why Red Lobster went broke than endless shrimp. It's insane to me how it's legal to buy a company with the companies own assets. And here's the even funnier part: Golden Gate Capital ended up buying some of the locations back lmao https://www.restaurantbusinessonline.com/red-lobsters-owner-buys-back-some-sites-it-sold In a twist on the sale-and-leaseback trend, Golden Gate Capital is buying back some of the Red Lobster plots it sold to a real estate company after purchasing the casual brand in 2014. The real estate company, now known as Vereit, said it has sold about $210.5 million worth of Red Lobster real estate back to Golden Gate, which bought the chain for $2.1 billion in 2014. At that time, virtually all of the real estate under Red Lobster restaurants was owned by the chain, which has no franchisees. Golden Gate, a private-equity firm, then sold the real estate for $1.6 billion to American Realty Capital Partners, which changed its name and reformed as Vereit this July. The properties were leased back to Golden Gate. Vereit said it will team up with Golden Gate to opportunistically divest about $190 million worth of Red Lobster properties in one and two-store deals under a new arrangement with the private-equity firm. Last month, the two parties disclosed a pact to sell $604 million worth of Red Lobster properties. The stores to be sold for $190 million are in addition to those anticipated transactions, Vereit said. --- https://i.imgur.com/bbRWLI8.gif https://i.imgur.com/A0BErSV.jpg https://i.imgur.com/S1m3po4.jpg https://i.imgur.com/7fCcfko.jpg <cite>Bio1590 posted [p:980476574] in Red Lobste... [t:80772831]...</cite> <quote>Enclave posted... </cite><quote>I mean, that DID happen. Let me see if I can find a link. https://www.prnewswire.com/news-releases/american-realty-capital-properties-closes-15-billion-red-lobster-sale-leaseback-transaction-268936111.htmlBasically firm buys Red Lobster, doesn't have enough money to buy Red Lobster so they sold off all the property Red Lobster owned and leased it back in order to pay for Red Lobster.This likely had far more to do with why Red Lobster went broke than endless shrimp. It's insane to me how it's legal to buy a company with the companies own assets.</quote>And here's the even funnier part: Golden Gate Capital ended up buying some of the locations back lmaohttps://www.restaurantbusinessonline.com/red-lobsters-owner-buys-back-some-sites-it-sold<quote>In a twist on the sale-and-leaseback trend, Golden Gate Capital is buying back some of the Red Lobster plots it sold to a real estate company after purchasing the casual brand in 2014.The real estate company, now known as Vereit, said it has sold about $210.5 million worth of Red Lobster real estate back to Golden Gate, which bought the chain for $2.1 billion in 2014. At that time, virtually all of the real estate under Red Lobster restaurants was owned by the chain, which has no franchisees.Golden Gate, a private-equity firm, then sold the real estate for $1.6 billion to American Realty Capital Partners, which changed its name and reformed as Vereit this July. The properties were leased back to Golden Gate.Vereit said it will team up with Golden Gate to opportunistically divest about $190 million worth of Red Lobster properties in one and two-store deals under a new arrangement with the private-equity firm.Last month, the two parties disclosed a pact to sell $604 million worth of Red Lobster properties. The stores to be sold for $190 million are in addition to those anticipated transactions, Vereit said.</quote> </quote> ... Copied to Clipboard!
Kradek 05/20/24 12:44:19 PM #58:	Aww man, this makes me sad. They probably outpriced themselves into bankruptcy (so most likely corporate greed like almost all other restaurants raising prices far above inflation rates). For years now their crab legs (only thing I eat there other than clam chowder) have been so highly priced that I barely get any due to price. Basically what a lot of movie theaters struggle with and go under for: "We have to raise prices on concessions because fewer people are buying concessions so we need the price increase to justify the cost. Fewer people are buying concessions than before because of our price increases, so we must increase the prices further to cover costs". --- My metal band, Ivory King, has 2 songs out now - allmylinks.com/ivorykingtx (all of our links there so you can choose which one you'd prefer to use) <cite>Kradek posted [p:980476610] in Red Lobste... [t:80772831]...</cite> <quote>Aww man, this makes me sad.They probably outpriced themselves into bankruptcy (so most likely corporate greed like almost all other restaurants raising prices far above inflation rates).For years now their crab legs (only thing I eat there other than clam chowder) have been so highly priced that I barely get any due to price. Basically what a lot of movie theaters struggle with and go under for: "We have to raise prices on concessions because fewer people are buying concessions so we need the price increase to justify the cost. Fewer people are buying concessions than before because of our price increases, so we must increase the prices further to cover costs". </quote> ... Copied to Clipboard!
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darkace77450 05/20/24 12:49:09 PM #60:	GhostFaceLeaks posted... Tell me how many seafood based restaurants exist. Lots. GhostFaceLeaks posted... A majority of them shut down because seafood is a niche food to have around in comparison to burgers or pork. A majority of restaurants of any kind shut down because it's a tough industry to find success in. <cite>darkace77450 posted [p:980476664] in Red Lobste... [t:80772831]...</cite> <quote>GhostFaceLeaks posted... </cite><quote>Tell me how many seafood based restaurants exist.</quote>Lots.GhostFaceLeaks posted... </cite><quote>A majority of them shut down because seafood is a niche food to have around in comparison to burgers or pork.</quote>A majority of restaurants of any kind shut down because it's a tough industry to find success in.</quote> ... Copied to Clipboard!
BakonBitz 05/20/24 12:50:54 PM #61:	PowerMan5000000 posted... If Im gonna get seafood, Id rather spend a lot going to Pappaduex. I got turned off from the luxury price but they're really that good? --- Game collection: http://www.backloggery.com/bakonbitz Gaming channel: https://www.youtube.com/channel/UCwVQm69J7bGScbv3_50C0dA <cite>BakonBitz posted [p:980476692] in Red Lobste... [t:80772831]...</cite> <quote>PowerMan5000000 posted... </cite><quote>If Im gonna get seafood, Id rather spend a lot going to Pappaduex.</quote>I got turned off from the luxury price but they're really that good? </quote> ... Copied to Clipboard!
rodu_jr 05/20/24 1:26:33 PM #62:	https://www.youtube.com/watch?v=ksmrN_SnIh0 <cite>rodu_jr posted [p:980477150] in Red Lobste... [t:80772831]...</cite> <quote>https://www.youtube.com/watch?v=ksmrN_SnIh0</quote> ... Copied to Clipboard!
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CellBlock7 05/20/24 2:41:20 PM #64:	I worked for Red Lobster for over 20yrs. I can promise you Endless Shrimp, a promotion we ran for every single year I was part of the company, didnt do them in. We lost more money in the one year we ran All you can eat Crab legs than Red Lobster lost last quarter from Endless Shrimp (which is what theyre focusing the majority of the blame on). What did them in was the sale from Darden to Golden Gate Capital who after acquiring the brand immediately sold all the properties that Red Lobster owned (to another company they had holdings in) and forced the stores to now lease back the buildings and property many locations (over 700 at the time of the sale) had owned and paid no lease on for years. The last store I was in for instance went from having no lease to paying just over $20,000 a month for their building. Couple in the rising cost of seafood and it made it much tougher to keep it in the black. More failed attempts to right the ship (like a complete menu overall that expanded the menu to add items like pork chops, burgers, pizzas, etc. in an attempt to draw in non seafood lovers) added to the food costs. Waste rose as a result. A few years later Covid came along and drove a stake through the heart of the business. Theyve been bleeding out since. Less foot traffic (which the latest Endless Shrimp change to being a full time menu selection was supposed to fix) and the sale to Thai Union Group (whom RL was already purchasing the majority of their seafood from) furthered and sped up the demise as Thai Union, for all their success in being a seafood distributor, have no idea how to operate a restaurant. Certainly not in the States at that. The latest closing of restaurants and the filing for bankruptcy wont save the business, its only delaying its demise. The best outlook for the brand is they significantly downsize even more (perhaps down to less than 100 locations, they still have over 500) and reduce their menu down to what they offered at the height of their success. Then hope and pray a company who is experienced in running restaurants takes over and really pours their heart and soul into saving a once iconic brand. --- A Medicore Time with Tom & Dan BDM 4 Life <cite>CellBlock7 posted [p:980478106] in Red Lobste... [t:80772831]...</cite> <quote>I worked for Red Lobster for over 20yrs. I can promise you Endless Shrimp, a promotion we ran for every single year I was part of the company, didnt do them in. We lost more money in the one year we ran All you can eat Crab legs than Red Lobster lost last quarter from Endless Shrimp (which is what theyre focusing the majority of the blame on).What did them in was the sale from Darden to Golden Gate Capital who after acquiring the brand immediately sold all the properties that Red Lobster owned (to another company they had holdings in) and forced the stores to now lease back the buildings and property many locations (over 700 at the time of the sale) had owned and paid no lease on for years.The last store I was in for instance went from having no lease to paying just over $20,000 a month for their building. Couple in the rising cost of seafood and it made it much tougher to keep it in the black. More failed attempts to right the ship (like a complete menu overall that expanded the menu to add items like pork chops, burgers, pizzas, etc. in an attempt to draw in non seafood lovers) added to the food costs. Waste rose as a result. A few years later Covid came along and drove a stake through the heart of the business.Theyve been bleeding out since. Less foot traffic (which the latest Endless Shrimp change to being a full time menu selection was supposed to fix) and the sale to Thai Union Group (whom RL was already purchasing the majority of their seafood from) furthered and sped up the demise as Thai Union, for all their success in being a seafood distributor, have no idea how to operate a restaurant. Certainly not in the States at that. The latest closing of restaurants and the filing for bankruptcy wont save the business, its only delaying its demise. The best outlook for the brand is they significantly downsize even more (perhaps down to less than 100 locations, they still have over 500) and reduce their menu down to what they offered at the height of their success. Then hope and pray a company who is experienced in running restaurants takes over and really pours their heart and soul into saving a once iconic brand. </quote> ... Copied to Clipboard!
Lordgold666 05/20/24 2:44:21 PM #65:	Were_Wyrm posted... They've been doing endless shrimp for decades; I doubt that's what really did them in. Whats the insider scoop? --- "May the Father of Understanding guide you." <cite>Lordgold666 posted [p:980478155] in Red Lobste... [t:80772831]...</cite> <quote>Were_Wyrm posted... </cite><quote>They've been doing endless shrimp for decades; I doubt that's what really did them in.</quote>Whats the insider scoop? </quote> ... Copied to Clipboard!
Villain_S_Fiend 05/20/24 2:52:26 PM #66:	As long as I can still get the box of cheddar bay biscuit mix for my chicken cobbler, I'm good. --- The food here is terrible. My steak was so tough it attacked my coffee and the coffee was too weak to defend itself. <cite>Villain_S_Fiend posted [p:980478252] in Red Lobste... [t:80772831]...</cite> <quote>As long as I can still get the box of cheddar bay biscuit mix for my chicken cobbler, I'm good. </quote> ... Copied to Clipboard!
The_Nintendo_Master 05/20/24 3:48:28 PM #67:	We used to go to Red Lobster every year for my birthday, though probably around 2019 or so was the last time we went, it was just a total disappointment, the food looked like it was just thrown on the plate, wasn't all that good, and it just wasn't what I remembered. Was tired of being disappointed so we stopped going and haven't been back since. Assuming the rest of the locations suffered from stuff like that and given the prices due to inflation causing people to stay away, it's not hard to see why they went bankrupt. I'd far rather go to the places that popped up recently that do the low-country boil style seafood they bring out to you in bags. --- He who laughs last thinks slowest. <cite>The_Nintendo_Master posted [p:980479012] in Red Lobste... [t:80772831]...</cite> <quote>We used to go to Red Lobster every year for my birthday, though probably around 2019 or so was the last time we went, it was just a total disappointment, the food looked like it was just thrown on the plate, wasn't all that good, and it just wasn't what I remembered. Was tired of being disappointed so we stopped going and haven't been back since. Assuming the rest of the locations suffered from stuff like that and given the prices due to inflation causing people to stay away, it's not hard to see why they went bankrupt. I'd far rather go to the places that popped up recently that do the low-country boil style seafood they bring out to you in bags. </quote> ... Copied to Clipboard!
LeoRavus 05/20/24 3:55:42 PM #68:	I might try to get a job there so I can collect unemployment when they close. --- This is where cool people write stuff. <cite>LeoRavus posted [p:980479097] in Red Lobste... [t:80772831]...</cite> <quote>I might try to get a job there so I can collect unemployment when they close. </quote> ... Copied to Clipboard!
Noname13 05/20/24 3:57:08 PM #69:	Its not that seafood is niche. Those seafood boil places are extremely popular right now and theyre expensive. People dont want shitty food and pay high prices for it --- Dp45 <cite>Noname13 posted [p:980479115] in Red Lobste... [t:80772831]...</cite> <quote>Its not that seafood is niche. Those seafood boil places are extremely popular right now and theyre expensive. People dont want shitty food and pay high prices for it </quote> ... Copied to Clipboard!
Dabrikishaw15 05/20/24 3:59:18 PM #70:	Bio1590 posted... https://twitter.com/ElectProject/status/1792541353760473595 A tale as old as time I'm not a seafood person so I do not say this as someone who would miss their food, but fuck me enough with corporations doing this and putting as many people out of work as possible. --- 3DS FC: 4382 - 2449 - 5707 IGN: Anthony <cite>Dabrikishaw15 posted [p:980479136] in Red Lobste... [t:80772831]...</cite> <quote>Bio1590 posted... </cite><quote>https://twitter.com/ElectProject/status/1792541353760473595A tale as old as time</quote>I'm not a seafood person so I do not say this as someone who would miss their food, but fuck me enough with corporations doing this and putting as many people out of work as possible. </quote> ... Copied to Clipboard!
doesntcare 05/20/24 4:00:57 PM #71:	Pikachuchupika posted... It's probably this. They also have them frozen <cite>doesntcare posted [p:980479156] in Red Lobste... [t:80772831]...</cite> <quote>Pikachuchupika posted... </cite><quote>It's probably this.</quote>They also have them frozen</quote> ... Copied to Clipboard!
cjsdowg 05/20/24 4:03:46 PM #72:	Were_Wyrm posted... They've been doing endless shrimp for decades; I doubt that's what really did them in. I am not a money person. However reading about it was not the shrimp. It was the people with the stocks . They did the same thing to Sears . --- Biden is the greatest President ever. <cite>cjsdowg posted [p:980479191] in Red Lobste... [t:80772831]...</cite> <quote>Were_Wyrm posted... </cite><quote>They've been doing endless shrimp for decades; I doubt that's what really did them in.</quote>I am not a money person. However reading about it was not the shrimp. It was the people with the stocks . They did the same thing to Sears . </quote> ... Copied to Clipboard!
CADE_FOSTER 05/20/24 4:27:49 PM #73:	the idiots that bought the damn restaurant leveraged the land to buy the restaurants with inflation rent was out of control and the shrimp challenge that influencers blew up <cite>CADE_FOSTER posted [p:980479482] in Red Lobste... [t:80772831]...</cite> <quote>the idiots that bought the damn restaurant leveraged the land to buy the restaurants with inflation rent was out of control and the shrimp challenge that influencers blew up</quote> ... Copied to Clipboard!
SaikyoStyle 05/20/24 4:36:16 PM #74:	They did it on purpose. --- Taxes, death, and trouble. Brunt/Gaila 2024. Make Ferenginar Great Again! <cite>SaikyoStyle posted [p:980479594] in Red Lobste... [t:80772831]...</cite> <quote>They did it on purpose. </quote> ... Copied to Clipboard!
CADE_FOSTER 05/20/24 4:38:12 PM #75:	SaikyoStyle posted... They did it on purpose. def shareholders will make money and ceo will get gold parachute the rest get fucked <cite>CADE_FOSTER posted [p:980479623] in Red Lobste... [t:80772831]...</cite> <quote>SaikyoStyle posted... </cite><quote>They did it on purpose.</quote>def shareholders will make money and ceo will get gold parachute the rest get fucked</quote> ... Copied to Clipboard!
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ClayGuida 05/20/24 5:15:16 PM #77:	Who knew the guy who once was in charge of Kona Grill and Krystal would bankrupt Red Lobster. --- lolAmerica <cite>ClayGuida posted [p:980480119] in Red Lobste... [t:80772831]...</cite> <quote>Who knew the guy who once was in charge of Kona Grill and Krystal would bankrupt Red Lobster. </quote> ... Copied to Clipboard!
MrToothHasYou 05/20/24 5:58:53 PM #78:	RoosterGold posted... The shrimp thing always sounded like bullshit to me. Why not just end the deal or increase the price if that was really the killer? The chain was always doomed after the land sell off and lease back scheme, but the permanent endless shrimp promo was just the current parent company (Thai Union, a conglomerate of seafood suppliers) accruing as much profit into their own ledgers as possible, pushing losses onto an asset they knew was circling the drain anyways. --- (he/him) "The hopeless don't revolt, because revolution is an act of hope." <cite>MrToothHasYou posted [p:980480653] in Red Lobste... [t:80772831]...</cite> <quote>RoosterGold posted... </cite><quote>The shrimp thing always sounded like bullshit to me. Why not just end the deal or increase the price if that was really the killer?</quote>The chain was always doomed after the land sell off and lease back scheme, but the permanent endless shrimp promo was just the current parent company (Thai Union, a conglomerate of seafood suppliers) accruing as much profit into their own ledgers as possible, pushing losses onto an asset they knew was circling the drain anyways. </quote> ... Copied to Clipboard!
Bugmeat 05/20/24 6:02:05 PM #79:	Villain_S_Fiend posted... As long as I can still get the box of cheddar bay biscuit mix for my chicken cobbler, I'm good. If they really do go under, someone will buy the rights to it and continue selling the mix on store shelves. But they'll want to make more money from the brand they just purchased. So what they'll do is after a year or so, they'll alter the ingredients to make it cheaper. This will change the taste and ruin them for you. --- It's not a war crime the first time. <cite>Bugmeat posted [p:980480692] in Red Lobste... [t:80772831]...</cite> <quote>Villain_S_Fiend posted... </cite><quote>As long as I can still get the box of cheddar bay biscuit mix for my chicken cobbler, I'm good.</quote>If they really do go under, someone will buy the rights to it and continue selling the mix on store shelves. But they'll want to make more money from the brand they just purchased. So what they'll do is after a year or so, they'll alter the ingredients to make it cheaper. This will change the taste and ruin them for you. </quote> ... Copied to Clipboard!
Jiek_Fafn 05/20/24 6:07:56 PM #80:	Can't wait for someone to purchase the brand name and locations pop up inside of Macy's --- I don't believe in belts. There should be no ranking system for toughness. <cite>Jiek_Fafn posted [p:980480755] in Red Lobste... [t:80772831]...</cite> <quote>Can't wait for someone to purchase the brand name and locations pop up inside of Macy's </quote> ... Copied to Clipboard!
Kradek 05/20/24 6:10:20 PM #81:	Villain_S_Fiend posted... As long as I can still get the box of cheddar bay biscuit mix for my chicken cobbler, I'm good. There's recipes for it online. My mom has been making them from scratch for years. --- My metal band, Ivory King, has 2 songs out now - allmylinks.com/ivorykingtx (all of our links there so you can choose which one you'd prefer to use) <cite>Kradek posted [p:980480788] in Red Lobste... [t:80772831]...</cite> <quote>Villain_S_Fiend posted... </cite><quote>As long as I can still get the box of cheddar bay biscuit mix for my chicken cobbler, I'm good.</quote>There's recipes for it online. My mom has been making them from scratch for years. </quote> ... Copied to Clipboard!
Solid_Snake07 05/20/24 6:13:31 PM #82:	Endless shrimp didn't do them in, it was just a failure of an idea to turn an already failing business around. I don't doubt that it was a net loss for them but I would imagine not by much. It just failed to do what it was intended to do, which was to drive more people into the door to order more than just endless shrimp. --- "People incapable of guilt usually do have a good time" -Detective Rust Cohle <cite>Solid_Snake07 posted [p:980480836] in Red Lobste... [t:80772831]...</cite> <quote>Endless shrimp didn't do them in, it was just a failure of an idea to turn an already failing business around.I don't doubt that it was a net loss for them but I would imagine not by much. It just failed to do what it was intended to do, which was to drive more people into the door to order more than just endless shrimp. </quote> ... Copied to Clipboard!
CADE_FOSTER 05/20/24 6:20:59 PM #83:	Solid_Snake07 posted... Endless shrimp didn't do them in, it was just a failure of an idea to turn an already failing business around. I don't doubt that it was a net loss for them but I would imagine not by much. It just failed to do what it was intended to do, which was to drive more people into the door to order more than just endless shrimp. That's the problem all they were doing was shrimp <cite>CADE_FOSTER posted [p:980480928] in Red Lobste... [t:80772831]...</cite> <quote>Solid_Snake07 posted... </cite><quote>Endless shrimp didn't do them in, it was just a failure of an idea to turn an already failing business around.I don't doubt that it was a net loss for them but I would imagine not by much. It just failed to do what it was intended to do, which was to drive more people into the door to order more than just endless shrimp.</quote>That's the problem all they were doing was shrimp </quote> ... Copied to Clipboard!
Heineken14 05/20/24 6:22:14 PM #84:	CellBlock7 posted... I worked for Red Lobster for over 20yrs. I can promise you Endless Shrimp, a promotion we ran for every single year I was part of the company, didnt do them in. We lost more money in the one year we ran All you can eat Crab legs than Red Lobster lost last quarter from Endless Shrimp (which is what theyre focusing the majority of the blame on). What did them in was the sale from Darden to Golden Gate Capital who after acquiring the brand immediately sold all the properties that Red Lobster owned (to another company they had holdings in) and forced the stores to now lease back the buildings and property many locations (over 700 at the time of the sale) had owned and paid no lease on for years. The last store I was in for instance went from having no lease to paying just over $20,000 a month for their building. Couple in the rising cost of seafood and it made it much tougher to keep it in the black. More failed attempts to right the ship (like a complete menu overall that expanded the menu to add items like pork chops, burgers, pizzas, etc. in an attempt to draw in non seafood lovers) added to the food costs. Waste rose as a result. A few years later Covid came along and drove a stake through the heart of the business. Theyve been bleeding out since. Less foot traffic (which the latest Endless Shrimp change to being a full time menu selection was supposed to fix) and the sale to Thai Union Group (whom RL was already purchasing the majority of their seafood from) furthered and sped up the demise as Thai Union, for all their success in being a seafood distributor, have no idea how to operate a restaurant. Certainly not in the States at that. The latest closing of restaurants and the filing for bankruptcy wont save the business, its only delaying its demise. The best outlook for the brand is they significantly downsize even more (perhaps down to less than 100 locations, they still have over 500) and reduce their menu down to what they offered at the height of their success. Then hope and pray a company who is experienced in running restaurants takes over and really pours their heart and soul into saving a once iconic brand. Sounds like the shit Quiznos did and why they almost failed in that they made people buy super expensive Quiznos ingredients and it was really hard to maintain a store. --- Rage is a hell of an anesthetic. <cite>Heineken14 posted [p:980480942] in Red Lobste... [t:80772831]...</cite> <quote>CellBlock7 posted... </cite><quote>I worked for Red Lobster for over 20yrs. I can promise you Endless Shrimp, a promotion we ran for every single year I was part of the company, didnt do them in. We lost more money in the one year we ran All you can eat Crab legs than Red Lobster lost last quarter from Endless Shrimp (which is what theyre focusing the majority of the blame on).What did them in was the sale from Darden to Golden Gate Capital who after acquiring the brand immediately sold all the properties that Red Lobster owned (to another company they had holdings in) and forced the stores to now lease back the buildings and property many locations (over 700 at the time of the sale) had owned and paid no lease on for years.The last store I was in for instance went from having no lease to paying just over $20,000 a month for their building. Couple in the rising cost of seafood and it made it much tougher to keep it in the black. More failed attempts to right the ship (like a complete menu overall that expanded the menu to add items like pork chops, burgers, pizzas, etc. in an attempt to draw in non seafood lovers) added to the food costs. Waste rose as a result. A few years later Covid came along and drove a stake through the heart of the business.Theyve been bleeding out since. Less foot traffic (which the latest Endless Shrimp change to being a full time menu selection was supposed to fix) and the sale to Thai Union Group (whom RL was already purchasing the majority of their seafood from) furthered and sped up the demise as Thai Union, for all their success in being a seafood distributor, have no idea how to operate a restaurant. Certainly not in the States at that. The latest closing of restaurants and the filing for bankruptcy wont save the business, its only delaying its demise. The best outlook for the brand is they significantly downsize even more (perhaps down to less than 100 locations, they still have over 500) and reduce their menu down to what they offered at the height of their success. Then hope and pray a company who is experienced in running restaurants takes over and really pours their heart and soul into saving a once iconic brand.</quote>Sounds like the shit Quiznos did and why they almost failed in that they made people buy super expensive Quiznos ingredients and it was really hard to maintain a store. </quote> ... Copied to Clipboard!
Solid_Snake07 05/20/24 6:30:59 PM #85:	CADE_FOSTER posted... That's the problem all they were doing was shrimp I mean, yeah. Red lobster sucks. About the only reason to go there would be to eat a stupid amount of shrimp for $25. I feel like it used to slap back in the 90s and early 00s, but I might have just been a kid who didn't know any better. Just kind a stupid idea all around. They should have wrapped it into a stipulation like "with purchase of entree". You'd essentially get a $25 appetizer for every table who partook and forcing them to actually order an entree would mean they'll probably eat that as well and be too full to order round after round of shrimp for the next 4 hours. --- "People incapable of guilt usually do have a good time" -Detective Rust Cohle <cite>Solid_Snake07 posted [p:980481068] in Red Lobste... [t:80772831]...</cite> <quote>CADE_FOSTER posted... </cite><quote>That's the problem all they were doing was shrimp</quote>I mean, yeah. Red lobster sucks. About the only reason to go there would be to eat a stupid amount of shrimp for $25. I feel like it used to slap back in the 90s and early 00s, but I might have just been a kid who didn't know any better.Just kind a stupid idea all around. They should have wrapped it into a stipulation like "with purchase of entree". You'd essentially get a $25 appetizer for every table who partook and forcing them to actually order an entree would mean they'll probably eat that as well and be too full to order round after round of shrimp for the next 4 hours. </quote> ... Copied to Clipboard!
Villain_S_Fiend 05/20/24 7:49:01 PM #86:	Kradek posted... There's recipes for it online. One of the joys of chicken cobbler is that it's an easy, throw-together meal. There are alternatives out there, I just haven't tried them yet. --- The food here is terrible. My steak was so tough it attacked my coffee and the coffee was too weak to defend itself. <cite>Villain_S_Fiend posted [p:980482201] in Red Lobste... [t:80772831]...</cite> <quote>Kradek posted... </cite><quote>There's recipes for it online.</quote>One of the joys of chicken cobbler is that it's an easy, throw-together meal. There are alternatives out there, I just haven't tried them yet. </quote> ... Copied to Clipboard!
TheLiarParadox 05/20/24 7:56:14 PM #87:	ToteAll posted... What a hot take! Shut the fuck up. --- Spongebob is not a contraceptive. <cite>TheLiarParadox posted [p:980482308] in Red Lobste... [t:80772831]...</cite> <quote>ToteAll posted... </cite><quote>What a hot take!</quote>Shut the fuck up. </quote> ... Copied to Clipboard!
cjsdowg 05/20/24 9:14:38 PM #88:	Does this mean these places are going to all close ? --- Biden is the greatest President ever. <cite>cjsdowg posted [p:980483427] in Red Lobste... [t:80772831]...</cite> <quote>Does this mean these places are going to all close ? </quote> ... Copied to Clipboard!
Kalk 05/21/24 5:52:45 PM #89:	Enclave posted... I mean, that DID happen. Let me see if I can find a link. https://www.prnewswire.com/news-releases/american-realty-capital-properties-closes-15-billion-red-lobster-sale-leaseback-transaction-268936111.html Basically firm buys Red Lobster, doesn't have enough money to buy Red Lobster so they sold off all the property Red Lobster owned and leased it back in order to pay for Red Lobster. This likely had far more to do with why Red Lobster went broke than endless shrimp. It's insane to me how it's legal to buy a company with the companies own assets. That sounds shady as hell! Should be illegal. RL shouldn't have agreed to the sale. --- f(O_o)f <cite>Kalk posted [p:980496461] in Red Lobste... [t:80772831]...</cite> <quote>Enclave posted... </cite><quote>I mean, that DID happen. Let me see if I can find a link. https://www.prnewswire.com/news-releases/american-realty-capital-properties-closes-15-billion-red-lobster-sale-leaseback-transaction-268936111.htmlBasically firm buys Red Lobster, doesn't have enough money to buy Red Lobster so they sold off all the property Red Lobster owned and leased it back in order to pay for Red Lobster.This likely had far more to do with why Red Lobster went broke than endless shrimp. It's insane to me how it's legal to buy a company with the companies own assets.</quote>That sounds shady as hell! Should be illegal. RL shouldn't have agreed to the sale. </quote> ... Copied to Clipboard!
DrizztLink 05/21/24 5:56:34 PM #90:	Bio1590 posted... https://twitter.com/ElectProject/status/1792541353760473595 A tale as old as time What a useless collection of people. --- He/Him http://guidesmedia.ign.com/guides/9846/images/slowpoke.gif https://i.imgur.com/M8h2ATe.png https://i.imgur.com/6ezFwG1.png <cite>DrizztLink posted [p:980496516] in Red Lobste... [t:80772831]...</cite> <quote>Bio1590 posted... </cite><quote>https://twitter.com/ElectProject/status/1792541353760473595A tale as old as time</quote>What a useless collection of people. </quote> ... Copied to Clipboard!
Enclave 05/21/24 6:04:40 PM #91:	Kalk posted... That sounds shady as hell! Should be illegal. RL shouldn't have agreed to the sale. Why? It I'm sure brought great shareholder value that quarter. I'd put /s but let's be real, that's probably exactly how the large share holders feel. --- The commercial says that Church isn't for perfect people, I guess that's why I'm an atheist. <cite>Enclave posted [p:980496600] in Red Lobste... [t:80772831]...</cite> <quote>Kalk posted... </cite><quote>That sounds shady as hell! Should be illegal. RL shouldn't have agreed to the sale.</quote>Why? It I'm sure brought great shareholder value that quarter. I'd put /s but let's be real, that's probably exactly how the large share holders feel. </quote> ... Copied to Clipboard!
CADE_FOSTER 05/22/24 1:02:42 AM #92:	Thats what they do they suck all the money out of some thing then sell it for parts and our useless gov doesnt stop them <cite>CADE_FOSTER posted [p:980501799] in Red Lobste... [t:80772831]...</cite> <quote>Thats what they do they suck all the money out of some thing then sell it for parts and our useless gov doesnt stop them</quote> ... Copied to Clipboard!
littlebro07 05/23/24 9:05:33 PM #93:	Hedge funds are a cancer on society Bunch of stupidly rich assholes screwing over average working class people so they can get even more stupidly rich --- https://i.imgtc.com/MGGa6Os.gif <cite>littlebro07 posted [p:980530014] in Red Lobste... [t:80772831]...</cite> <quote>Hedge funds are a cancer on society Bunch of stupidly rich assholes screwing over average working class people so they can get even more stupidly rich </quote> ... Copied to Clipboard!
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Current Events > Red Lobster files for bankruptcy. (+) Yeah! (+)

Current Events > Red Lobster files for bankruptcy.