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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

☆ 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'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 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

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailInside the $40 billion tuna industryOnce a staple in American homes, canned tuna consumption dropped 45.7% between 2000 and 2021. That is mainly due to changing consumer preferences, sustainability concerns, market consolidation and a major price-fixing scandal between Bumble Bee and StarKist that lasted nearly a decade. Despite this, in 2020, the U.S. remained the top importer. The industry, largely controlled by conglomerates such as Thai Union Group, saw a pandemic-driven demand spike in 2020, but that has since declined.

Persons: Bumble Organizations: U.S ., Thai Union Group Locations: U.S

☆ Canned tuna is a $40 billion industry. But it's facing some existential threats
▼ + stars: | 2023-11-03 | by ( Darren Geeter | ) www.cnbc.com time to read: +1 min

Valued at an estimated $40 billion, the tuna industry is a significant player in the global food sector. The industry is dominated by multinational companies such as Thai Union Group , the owner of Chicken of the Sea, and it faces some challenges. However, Thai Union is now confronting rising costs due to inflation and the war between Russia and Ukraine. What's more, the company faces existential threats to the industry including sustainability, climate change and illegal fishing. Watch the video above to learn more about the $40 billion tuna industry.

Organizations: National Oceanic, Administration, Thai Union Group, Thai Union Locations: U.S, Thai Union, Russia, Ukraine

Search resuls for: "Thai Union Group"

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