DIRS.INFO The most relevant business & tech news

☆ Red Lobster brought seafood to the masses. Now it’s on the verge of bankruptcy
▼ + stars: | 2024-05-03 | by ( Nathaniel Meyersohn | ) edition.cnn.com time to read: +11 min

While it was a delicious deal for customers, it was terrible for the company: Red Lobster lost $3.3 million in seven weeks. The deal was once again too popular, and Red Lobster was unprepared for its customers’ insatiable lust for discounted shellfish. Red Lobster is now reportedly considering filing for bankruptcy protection to restructure its debt and shed some of its 650 US locations. Red Lobster stallsBut Red Lobster fell behind its sister brand Olive Garden under Darden. In 2021 and 2022, Red Lobster brought on a new CEO, chief marketing officer, chief financial officer and chief information officer.

Persons: Lobster, “, ”, John Gordon, Michael Nagle, Alex Susskind, General Mills, Bill Darden, Charley Woodsby, Darden, ” Woodsby, Jonathan Maze, Betty Crocker, Red, Glen Martin, Mills, ” Joe Lee, Olive, Red Lobster’s, “ Darden, ” Les Foreman, Justin Sullivan, they’ve, Les Foreman, Thiraphong Chansiri, ” “, ” Chansiri Organizations: New, New York CNN, Lobster, Thai Union, Bloomberg, Getty, Red Lobster, CNN, Cornell University, Baby Boomers, General, Howard, Restaurant Business, Darden, Denver Post, Harvard Business School, Longhorn, Darden Restaurants, Gate, ‘, Thai, “, ” Thai Locations: New York, United States, Bangkok, Thai, underinvestment, Lakeland , Florida, Orlando, America, Olive, Sale, Thai Union, Thailand

☆ Red Lobster Isn't Nearing Bankruptcy Because of Endless Shrimp
▼ + stars: | 2024-05-01 | by ( Emily Stewart | ) www.businessinsider.com time to read: +9 min

While Red Lobster increased traffic somewhat, people coming in to chow down on all-you-can-eat shrimp was a money bleeder. But the story about what's gone wrong with Red Lobster is much more complicated than a bunch of stoners pigging out on shrimp (and, later, lobster) en masse. Red Lobster first opened in Lakeland, Florida, in 1968 and was acquired by the food conglomerate General Mills in 1970. "What's truly happened with Red Lobster is that the consumer base has changed and Red Lobster hasn't," he said. "Red Lobster isn't losing to a competitor in their space — they're losing to competitors outside their space."

Persons: It's, what's, Jonathan Maze, Mills, General Mills, Olive, Darden, Red, Eileen Appelbaum, isn't, they've, it's, Keith Bedford, Darren Tristano, John Gordon, Kim Lopdrup, Red Lobster's, He's, Jonathan Tibus, Gordon, Tristano, You've, Emily Stewart Organizations: Bloomberg, Restaurant Business, Olive Garden, LongHorn, Darden, Golden Gate, American Realty, Lobster, Center for Economic, Policy Research, Thai Union, Seafood Alliance, Thai, Fortress Investment Group, Reuters, Business Locations: chow, Lakeland , Florida, San Francisco, Thai, Thailand, Thai Union, Golden, San Diego

The Times Square Red Lobster will be offering free all-you-can-eat lobster to a select few customers on March 28. Beleaguered seafood chain Red Lobster is seeking a buyer as it looks to avoid filing for bankruptcy, CNBC has learned. Red Lobster could secure a buyer, it could declare bankruptcy or its lenders could take control of the company. This year marks the 10-year anniversary of Darden Restaurants' sale of Red Lobster after investors pushed the company to divest. As a result, Red Lobster reported $11 million in losses in the fiscal third quarter and $12.5 million in losses the following quarter.

Persons: it's, Jonathan Tibus, Alvarez, Lobster, Kim Lopdrup, Kelli Valade, Horace Dawson, Red Organizations: Times, CNBC, Bloomberg, Red Lobster, Darden Restaurants, Golden Gate Capital, Thai Union Group, Red, Seafood Alliance Locations: Golden

NEW YORK, April 11 (Reuters) - Private equity firm KKR & Co Inc (KKR.N) has agreed to buy a significant stake in FGS Global in a deal that values the financial communications group at about $1.4 billion. As part of the deal, KKR will buy up a 30% stake from senior employees at FGS Global and its largest investors, including London-based advertising giant WPP Plc (WPP.L). WPP, which was founded by Martin Sorrell, will retain a majority stake in FGS Global. Existing investor Golden Gate Capital is selling its entire stake to KKR, which is investing in FGS Global through its $8-billion European Fund VI. FGS Global currently employs more than 1,200 people across 27 offices globally.

Search resuls for: "Golden Gate Capital"

4 mentions found