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☆ 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

☆ Interest rates staying where they are is a forgone conclusion, but the Fed's decision day still matters
▼ + stars: | 2024-05-01 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +7 min

In today's big story, what another delay to interest rate cuts means for a market banking on them. The big storyThe waiting game continuesChip Somodevilla/Getty Images; BISpoiler alert: The Federal Reserve won't be lowering interest rates today. The official announcement won't come until this afternoon, but interest rates staying where they are is a forgone conclusion. The CME FedWatch Tool, which calculates the probability of the Fed's decision based on interest rate traders, has the odds of rates staying untouched at 97.5%.) Talk of cutting interest rates has been going on for the better part of a year.

Persons: —, it's, doesn't, We'll, Chip Somodevilla, Jerome Powell, Matt Rourke, Sarah Silbiger, Alyssa Powell, CME's, aren't, Powell, Erin Schaff, Paul Krugman, Donald Trump's, Krugman, Trump, Marko Kolanovic, Rebecca Zisser, Instagram, Changpeng Zhao, Binance, Amazon, Emma Tucker's, Steve Bannon, Dan DeFrancesco, Jordan Parker Erb, Hallam Bullock, George Glover Organizations: Business, Service, Stagecoach, Trump, Tech, Investors, Bloomberg, Getty, The New York Times, Hunterbrook, JPMorgan, Adobe, Wall Street Journal, Staff, eBay, Pfizer, Google Locations: stagflation, New York, London

☆ 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

☆ Chain restaurants like Chili's are coming for fast-food giants in the latest bout of the value wars
▼ + stars: | 2024-04-30 | by ( Erin Mcdowell | ) www.businessinsider.com time to read: +11 min

As fast-food prices increase, customers are finding more value in chain restaurants. Chains like Chili's are rolling out deals and portion sizes that could best fast-food chains. Chili's new Big Smasher burger is the latest offensive move in the value wars. The Big Smasher burger, Chili's newest menu item, was served in the company's test kitchen before its official launch on April 29. And if the sheer size and taste of the Chili's burger are anything to go by, it has a shot at beating fast-food chains in the value wars.

Persons: —, margarita, It's, Applebee's, John Peyton, Cate Gillon, Ian Borden, Scott Rodrick, Chris Kempczinski, Borden, McDonald's, Erin McDowell, We've, we've, Brian Paquette, Paquette, Big, Chili's, Richard Levine, Corbis, Felix Organizations: Service, Dallas, Mac, Business, Dine, Restaurant, UBS Global Consumer, Retail Conference, CNN, CBS News, Getty, Bloomberg Locations: New York, New York City, California, , New York

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

☆ Red Lobster, home of the endless shrimp, mulls bankruptcy after spoiling its customers with all-you-can-eat lobster: report
▼ + stars: | 2024-04-18 | by ( Kwan Wei Kevin Tan | ) www.businessinsider.com time to read: +4 min

It may be the end of the line for the seafood chain Red Lobster, per Bloomberg. AdvertisementSeafood chain Red Lobster is considering filing for bankruptcy, Bloomberg reported Wednesday. According to the outlet, Red Lobster is being advised by the law firm King & Spalding. Red Lobster and King & Spalding did not respond to Bloomberg's requests for comment. Representatives for Red Lobster and King & Spalding did not immediately respond to requests for comment from Business Insider sent outside regular business hours.

Persons: —, Spalding, Red Lobster's, Ludovic Garnier, servings, Ian Borden, Borden Organizations: Bloomberg, Service, King, Spalding, Thai Union Group —, Golden Corral, Business Insider Locations: Maine

☆ Frankenstein restaurants like a Taco Bell-Pizza Hut combo are popping up everywhere
▼ + stars: | 2024-03-25 | by ( Alex Bitter | ) www.businessinsider.com time to read: +6 min

AdvertisementIn 2008, Hip Hop trio Das Racist caught the attention of the internet with their song "Combination Pizza Hut and Taco Bell." Its most recent dual-branded restaurant opening was in Leon, Mexico, and the company is contemplating opening more in the US, CEO John Peyton said. The 2002 annual report for Yum Brands, the parent company of Pizza Hut, Taco Bell, and KFC, among other restaurant chains, lays out why the much-memed combination Taco Bell-Pizza Hut existed in the first place. In the past, some restaurant brands have put together brands that don't complement each other, said Rob Seely, associate vice president of operations, strategy, and design at WD Partners, which advises restaurant brands. Do you work at a major restaurant like McDonald's, Pizza Hut, or Taco Bell and have a story idea to share?

Persons: —, Bell, It's, John Peyton, Dine, Payton, Peyton, Das, Taco Bell, David Novak, Novak, Yum, Frankenrestaurants, hasn't, Long John Silver, John Silver, Long John Silver's, Rob Seely, Seely, Taco Organizations: Service, Dine Brands, Yum Brands, KFC, Bell, Brands, Darden, Business, WD Partners, Taco Bell Locations: Leon , Mexico, Applebee's, IHOP, Pizza, Taco, Kentucky

☆ Frankenstein restaurants are popping up everywhere, but they aren't actually that successful
▼ + stars: | 2024-03-23 | by ( Alex Bitter | ) www.businessinsider.com time to read: +6 min

AdvertisementIn 2008, Hip Hop trio Das Racist caught the attention of the internet with their song "Combination Pizza Hut and Taco Bell." Its most recent dual-branded restaurant opening was in Leon, Mexico, and the company is contemplating opening more in the US, CEO John Peyton said. Related storiesSo Yum turned to Frankenrestaurants — like the combination Pizza Hut-Taco Bell — to offer a wider variety of options under one roof. Major restaurant brands also frequently change ownership, making it hard to decouple multi-branded locations if a company decides to sell one. In the past, some restaurant brands have put together brands that don't complement each other, said Rob Seely, associate vice president of operations, strategy, and design at WD Partners, which advises restaurant brands.

☆ Red Lobster is offering an endless lobster feast. What should you know?
▼ + stars: | 2024-02-21 | by ( John Towfighi | ) edition.cnn.com time to read: +3 min

In celebration of its annual Lobsterfest, Red Lobster is giving 150 winners an “Endless Lobster Experience,” a two-hour complimentary feast of unlimited lobster, two sides and Cheddar Bay Biscuits. But the Endless Lobster Experience comes at a tumultuous time: Red Lobster reported a record $12.5 million operating loss in the fourth quarter of 2023. And in January, minority investor Thai Union Group announced its intent to exit Red Lobster, citing a $19 million loss from Red Lobster across the first nine months of 2023. Starting February 20 and while supplies last, 150 winners will have a chance to enjoy Red Lobster’s free feast. The chance to win the Endless Lobster Experience will be advertised through Red Lobster’s social media channels, including Facebook, X, Instagram and TikTok.

Persons: ”, headwinds, Thiraphong Chansiri, Ludovic Garnier, Chansiri, “ We’re, Lobsterfest, you’ll, “ I’m Organizations: CNN, Cheddar Bay Biscuits, Thai Union Group, Thai Union, Red Lobster, Facebook Locations: Cheddar, Florida, Maine

☆ Red Lobster followed up its endless shrimp fiasco with another stunt: all-you-can-eat lobster
▼ + stars: | 2024-02-21 | by ( Grace Eliza Goodwin | ) www.businessinsider.com time to read: +1 min

Red Lobster announced another "endless" offering: all-you-can-eat lobster. The bargain comes after the company reported record losses last year, partly thanks to its endless shrimp offering. NEW LOOK Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementJust months after admitting that its endless shrimp offering led to record losses, Red Lobster is trying out a surprisingly similar stunt: all-you-can-eat lobster.

Persons: — Organizations: Lobster, Service, Business

☆ I went to Red Lobster for the first time. Here are 7 things that surprised me.
▼ + stars: | 2024-02-20 | by ( Erin Mcdowell | ) www.businessinsider.com time to read: +1 min

I recently dined at Red Lobster in Times Square for the first time. I was surprised by the high prices and massive portion sizes. AdvertisementI recently dined at Red Lobster in Times Square for the first time with a friend and was surprised by a few aspects of the experience. However, from Red Lobster's signature unlimited biscuits to the glitter-filled cocktails, the meal felt more special than those at other chain restaurants I've been to. Here are seven things that surprised me about dining at Red Lobster.

Persons: — Organizations: Service

☆ I spent $125 on dinner for 2 at Red Lobster. It was the most decadent meal I've ever eaten at a chain restaurant.
▼ + stars: | 2024-02-08 | by ( Erin Mcdowell | ) www.businessinsider.com time to read: +1 min

In honor of Valentine's Day, a friend and I had dinner for two at Red Lobster. I was impressed by the rich, decadent meal, and left feeling completely stuffed. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementRed Lobster is arguably the most romantic chain restaurant, thanks to its focus on seafood and decadent dishes. From Red Lobster's signature Cheddar Bay Biscuits to the glitter-filled cocktails, the meal felt more special than other chain restaurants I've been to.

Persons: Valentine's, — Organizations: Service, chain's, Biscuits Locations: New York City

☆ The New Antisemitism Is the Oldest Kind
▼ + stars: | 2023-12-04 | by ( Lance Morrow | ) www.wsj.com time to read: 1 min

Wonder Land: After the massacres of Oct. 7, the burden is now on Israel to end the war in Gaza. Images: Reuters Composite: Mark KellyI remember a dinner party on Martha’s Vineyard in the 1970s when I and my first wife, who was Jewish, shared lobster with a half-dozen nicely tanned Protestants in sherbet-colored golfing trousers. They chattered about what pests “those people” were, who kept “pushing” to join the local beach club, even though they were “not wanted.”“Gee,” said a middle-aged Princeton man—pronouncing the word “jay”—“why don’t they stick to their own clubs?”

Persons: Mark Kelly, “, ” “ Gee, ” Organizations: Princeton Locations: Israel, Gaza, sherbet

☆ A new era for the market means a new way to think about investing
▼ + stars: | 2023-12-04 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +7 min

download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementThe market volatility in the wake of the pandemic gave people visions of getting rich overnight, but true investing is a long-term play. As a result, a new market regime means new investing strategies will be necessary, James and Will write. Setting aside recency bias, it's been relatively easy to generate good returns in the market over the past 10 years. AI names may have commanded the market's attention lately, but another corner of the market is seeing impressive gains: stocks tied to digital assets.

Persons: —, Liam Eisenberg, Insider's James Faris, Will Edwards, Let's, James, Will, Spencer Platt, that's, Arantza Pena Popo, bitcoin, Alyssa Powell, Prasad Kalyanaraman, Cybertruck, Elon Musk's Cybertruck, Jay, Tyra Banks, Blake Snell, Thomas Carlyle, I'd, Dan DeFrancesco, Naga Siu, Hallam Bullock, Lisa Ryan Organizations: Service, Business, Getty, Marathon Digital, Oxford Dictionary Locations: America, Europe, EU, New York City, San Diego, London, New York

☆ Red Lobster's $20 promotion backfired, signaling how desperate diners are for cheap deals
▼ + stars: | 2023-12-01 | by ( Nancy Luna | ) www.businessinsider.com time to read: +2 min

Red Lobster introduced a $20 all-you-can eat shrimp promotion that backfired. They're clearly seeking value, a Red Lobster exec said. AdvertisementTheir generosity backfired, as the chain underestimated the number of diners hunting for dining deals amid rising menu prices. Though inflation is slowing, menu prices remain on the uptick, according to new federal data released in November. Ultimately, $20 for endless shrimp was too cheap for Red Lobster.

Persons: —, Ludovic Garnier, Garnier, It's Organizations: Lobster, Service, Thai Union Group, Labor Statistics

☆ Red Lobster’s endless shrimp deal was too popular, company says
▼ + stars: | 2023-11-29 | by ( Ramishah Maruf | ) edition.cnn.com time to read: +1 min

Business tends to slow down at Red Lobster locations during the third and fourth quarters, so its parent company, Thai Union, launched a new promotion. For $20, customers could eat as much shrimp as they wanted. The idea was to bring some traffic,” Garnier said on the call. It’s become one of the most iconic promotions at Red Lobster, Garnier said, but to keep it on the menu there has to be some changes. And what is the price point we’re offering for this promotion,” Garnier said.

Persons: Ludovic Garnier, alfredo, ” Garnier, It’s, Garnier Organizations: New, New York CNN Locations: New York, Thai Union

☆ Red Lobster’s Popular Endless Shrimp Deal Ate Into Its Profits
▼ + stars: | 2023-11-29 | by ( Orlando Mayorquin | More About Orlando Mayorquin | ) www.nytimes.com time to read: 1 min

Red Lobster’s “irresistible” all-you-can-eat shrimp promotion has indeed proved hard to resist. The Ultimate Endless Shrimp deal has been so popular that it helped cause a drop in third-quarter profit for the restaurant chain, which had to raise the price to $25 from $20. Red Lobster hoped the promotion would bolster traffic at its U.S. locations through fall and winter, when its restaurants tend to be the emptiest. Ultimate Endless Shrimp had already been a Red Lobster “guest-favorite” staple for over 18 years. But the restaurant took it a step further this summer, offering the previously seasonal deal “all day, every day” instead of just on Mondays.

Organizations: Thai Union Group

☆ Here are Wednesday's biggest analyst calls: Apple, Tesla, FedEx, Match, Ford, Amazon, Microsoft and more
▼ + stars: | 2023-09-13 | by ( Michael Bloom | ) www.cnbc.com time to read: +6 min

Morgan Stanley reiterates Apple as overweight Morgan Stanley said it's standing by its overweight rating after Apple's iPhone event Tuesday. F (Buy) earnings more resilient than appreciated driven by Pro business." Morgan Stanley reiterates Darden as overweight Morgan Stanley said it's bullish heading into the owner of Red Lobster's earnings next week. Morgan Stanley reiterates Tesla as overweight Morgan Stanley said it's standing by its recent upgrade of the stock despite investor pushback. TD Cowen reiterates FedEx as outperform TD Cowen said it's cautiously optimistic heading into FedEx earnings next week.

Persons: Morgan Stanley, Apple, it's, BEV, Darden, Red, Commerce Max, Tesla, pushback, Michael Kors, Guggenheim, TD Cowen, Hershey, Cowen, Bernstein, Roth, Roth MKM, BTIG, Lennar, F3Q, Needham Organizations: JPMorgan, UBS, Ford, General Motors, Pro, Citi, Commerce, JPMorgan downgrades Oracle, WWE, UFC, Holdings, NYSE, Microsoft, FedEx, " Bank of America, Garden Entertainment, Bank of America, YouTube Locations: China, Capri, Lennar, GOOGL

☆ Educational TikTok teaches history you might not learn in school
▼ + stars: | 2023-08-08 | by ( Harmeet Kaur | ) edition.cnn.com time to read: +9 min

Scholars and educators are increasingly using TikTok to share history that’s seldom found in textbooks — and their content is finding an audience. TikTok can fill in educational gapsKahlil Greene, known as Gen Z Historian on TikTok, is one of several educators on the platform who have built up a following around sharing little-known history. While some lawmakers and officials try to limit such instruction, that knowledge can be vital for students, said Ernest Crim III, a former high school history teacher who now makes educational content for TikTok. In fact, his educational content has resonated so widely that he left classroom teaching to make social media content full-time. TikTok educational content can empower communitiesEducational content on TikTok can also provide avenues for exploring one’s identity.

Persons: weren’t, Kahlil Greene, Greene, Martin Luther King Jr, “, ” Greene, Ernest Crim III, Crim, Ernest Crim III “, ”, TikTok, Carter G, Woodson, Henry Box Brown, Bill Darden, Viola Liuzzo, Selma, Moses Fleetwood Walker, Jackie Robinson, —, Ava DuVernay, ” Crim, Aslan Pahari, he’s, Pahari, — Pahari’s, “ I’m, they’re, “ They’re Organizations: CNN, Yale University, New York Times, University of California, Los Angeles School of Law, Facebook, Major League Baseball, MLB, Australian National University Locations: TikTok, —, White, California, Texas, Chicago, Black, Montgomery, Hughley, Sydney, South Asia, Central Asia, India, Afghanistan, Australia, Khyber Pakhtunkhwa, Punjab, Pakistan, West

☆ Is There a Right Way to Talk About Black Culture?
▼ + stars: | 2023-08-01 | by ( Ismail Muhammad | ) www.nytimes.com time to read: +3 min

At its best “Dark Days” is the record of an intellectual life sustained by the Black vernacular. In the essay “Reading Fire, Reading the Stars,” Reeves recounts learning how to be a critic in the Pentecostal church. “Profligacy” is the key word here: With a nod to Hartman’s explorations of “wayward” lives and the presumed promiscuity of Black urban culture, Reeves reframes promiscuity as an aesthetic and intellectual virtue. In Reeves’s hands profligacy becomes an ethical necessity: Everything must be thought of in relation to what it shares space with. Recounting a trip to speak with students at a Native school, he feels his status as a stranger among strangers.

Persons: ” Reeves, Malcolm X, Martin Luther King Jr, Louis Till, Emmett Till’s, Ezra Pound, Mussolini, Hitler, Virgil, Dante, Reeves, Michael K, Williams, Solmaz, profligacy, ” Locations: ”

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Persons: you'll, Price, Robin, You'll, Price Dave, Dave, Buster's, you've, Elaine Benes, we've Organizations: Amazon, GameStop, Buffalo Wild Wings, Cheesecake, Regal, GAP Locations: Grubhub, California

Persons: it's, you'll, Price, Robin, You'll, Price Dave, Dave, Buster's, you've, Elaine Benes, we've Organizations: Amazon Prime, Amazon, GameStop, Buffalo Wild Wings, Cheesecake, Regal, GAP Locations: Grubhub, California

☆ Why Mother’s Day is the most hated day in the restaurant industry
▼ + stars: | 2023-05-12 | by ( Alexandra Peers | ) edition.cnn.com time to read: +6 min

New York CNN —Mother’s Day is one of the busiest days for the American restaurant industry, presenting a massive operational challenge to restaurants. In fact, if I die and go to hell, I completely expect it to be Mother’s Day. Mother’s Day presents “an operational challenge,” said Shawn Walchef, owner of five Cali BBQ eateries in the San Diego area. “Your Mother’s Day meal can’t be obnoxiously expensive,” said Derek Axelrod, co-owner of Manhattan’s Upper East Side T bar restaurant. Their Mother’s Day menu will likely be upwards of $100 person, but won’t turn much of a profit, he said.

☆ IHOP overhauls its menu: Cinn-A-Stack pancakes are back, savory crepes are in
▼ + stars: | 2023-03-29 | by ( Amelia Lucas | ) www.cnbc.com time to read: +3 min

IHOP on Wednesday unveiled a revamped menu that includes more than a dozen new items and the return of its popular Cinn-A-Stack pancakes. The new menu, which will be available nationwide on April 3, spans breakfast, lunch and dinner and revives several items that disappeared during the pandemic, like the Cinn-A-Stack pancakes and Eggs Benedict. IHOP was fielding almost a dozen requests every week from customers asking for Cinna-A-Stack pancakes back on the menu, according to Donahue. Donahue said bringing back old favorites, like the Eggs Benedict, meant reminding workers how to poach eggs, for example. IHOP rival Denny's recently revealed its own updated menu, made possible by recent kitchen renovations.

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