DIRS.INFO The most relevant business & tech news

☆ Red Lobster is a mess. Here’s why the new 35-year-old CEO wanted the job anyway
▼ + stars: | 2024-10-04 | by ( Nathaniel Meyersohn | ) edition.cnn.com time to read: +10 min

Red Lobster's new chief executive Damola Adamolekun during an interview with CNN at a Red Lobster in Long Island, New York, last week. CNNIn Springfield, he first ate at a Red Lobster with his parents and two siblings after church one Sunday. Red Lobster was where he, like millions of Americans, experienced eating lobster and cracking crab legs for the first time. Beyoncé sang about taking a romantic partner to Red Lobster in her 2016 hit song “Formation.”After Red Lobster filed for bankruptcy, Flava Flav ordered the whole menu to try to save the company. Red Lobster closed more than 100 restaurants this year, including a location in Orlando, Florida, shown this year.

Persons: Damola Adamolekun, “, ” Adamolekun, It’s, ”, Adamolekun, Bill Darden, Mills, Chris Rock, Nicki Minaj, Beyoncé, Flav, “ Mr, ” —, Kevin Lamarque, Clarence Otis Jr, RJ Hottovy, Hottovy, Adamolekun’s, ” Hottovy, ’, Red, Phelan M, can’t, John Paulson, Paulson, P.F, Chang’s, Morgan McClure, Fortress, ” McClure, Brandon Bell, isn’t Organizations: New, New York CNN, CNN, Fortress Investment, Fortress, Red, Boomers, Darden, Thai Union Group, Former Red Lobster, Thai Union, As Thai Union, Thai, Brown University, Harvard Business School, Paulson & Co Locations: New York, Long, , New York, Nigeria, Zimbabwe, Netherlands, Springfield , Illinois, United States, Long Island , New York, Springfield, America, Alexandria , Virginia, Olive, Thai Union, Thai, Orlando , Florida, P.F, Chang’s, Columbia , Maryland, New York City, Scottsdale , Arizona, Austin , Texas

☆ I tried Red Lobster's $30 endless shrimp for the first time. I see why the deal might have led to the chain's bankruptcy.
▼ + stars: | 2024-06-05 | by ( Erin Mcdowell | ) www.businessinsider.com time to read: +2 min

Read previewA few weeks after Red Lobster filed for bankruptcy, I visited the chain's Times Square location to try its now-infamous Endless Shrimp promotion for the first time. Red Lobster's Endless Shrimp has quite the reputation. Customers were pleased with the deal, so in the summer of 2023, Endless Shrimp became available every day of the week. In the two quarters following the initial launch of the daily endless shrimp promotion, Red Lobster reported operating losses of $11 million and $12.5 million . Once a daily promotion, Endless Shrimp is now only available on Mondays, which is when I found myself at the revolving doors of Red Lobster's Times Square location on a hot summer night.

Persons: —, I've, it's, Ludovic Garnier, Garnier Organizations: Service, Red, chain's, Business, Customers, Lobster, Thai Union Group, Lobster's Locations: New York City

☆ I tried Red Lobster's $30 endless shrimp for the first time. I see why the deal might have contributed to the chain's bankruptcy.
▼ + stars: | 2024-06-05 | by ( Erin Mcdowell | ) www.businessinsider.com time to read: +3 min

Read previewA few weeks after Red Lobster filed for bankruptcy, I visited the chain's Times Square location to try its now-infamous Endless Shrimp promotion for the first time. Red Lobster's Endless Shrimp has quite the reputation. Customers were pleased with the deal, so in the summer of 2023, Endless Shrimp became available every day of the week. In the two quarters following the initial launch of the daily endless shrimp promotion, Red Lobster reported operating losses of $11 million and $12.5 million . However, Endless shrimp isn't the only factor that led to the fall of Red Lobster.

Persons: —, I've, it's, Ludovic Garnier, Garnier, Emily Stewart Organizations: Service, Red, chain's, Business, Customers, Lobster, Thai Union Group, Lobster's Locations: New York City

☆ How a global seafood giant broke Red Lobster
▼ + stars: | 2024-05-25 | by ( Nathaniel Meyersohn | ) edition.cnn.com time to read: +15 min

Former Red Lobster employees say that while the pandemic, inflation and rent costs impacted Red Lobster, Thai Union’s ineptitude was the pivotal factor in Red Lobster’s decline. Kenny criticized Red Lobster employees at meetings and made derogatory comments about them, according to former Red Lobster leaders who worked closely with Kenny. Red Lobster’s annual customer count has dropped by 30% since 2019, Red Lobster said in its bankruptcy filing. Red Lobster employees say they were pressured by Thai Union representatives to buy more seafood from Thai Union. Thai Union representatives also began sitting in on meetings between Red Lobster and seafood suppliers, said one of the former Red Lobster employees who witnessed these conversations.

Persons: “, Ludovic Garnier, Jorge Silva, Red Lobster’s, ”, Les Foreman, Red, Thiraphong Chansiri, Angel, Feng shui, Chansiri, Amanda Mustard, Paul Kenny, Kenny, ’, Kenny’s, Bill Darden, General Mills, Darden, Kelli Valade, Valade, Trin, Tapanya, Kevin Lamarque, Barry Fulghum, Lobster, Leah Millis Organizations: New, New York CNN, Thai Union Group, Red, Lobster, Thai Union, CNN, Red Lobster, John West Foods, longtime, Reuters, Thai, West Coast, Lobster’s, Bloomberg, Getty, Minor, Thai Union —, Union, Darden, Gate, Golden, Capital, Facebook, Thai Union . Thai Union, ” Thai Union Locations: New York, Thai, Thailand, Thai Union, United States, Orlando, Australian, Dallas, America, United, Texas, Spring , Maryland

☆ How private equity rolled Red Lobster
▼ + stars: | 2024-05-24 | by ( Gretchen Morgenson | ) www.cnbc.com time to read: +9 min

In this photo illustration, a cooked lobster is displayed on a plate at a Red Lobster restaurant on May 20, 2024 in Austin, Texas. Under the terms of the sale, Red Lobster would also see regular rent increases of 2% a year, the release noted. "All of the people who were supplying Red Lobster, all of the people who are essentially providing services to Red Lobster, the small businesses in the communities affected by mass layoffs, they are next in line, they are experiencing the ripple effect." Sen. Edward Markey, a Democrat from Massachusetts, where eight hospitals operated by bankrupt Steward Health Care are, recently held hearings on private equity and health care. Private equity is emerging in all parts of our economy, Markey added, but its most profound impact is in health care.

Persons: didn't, Josh Olshansky, leaseback, Red, Moody's, Andrew Park, Oscar, Robert Reich, Bill Clinton, America's, Reich, Austin Hurst, Hurst, Sen, Edward Markey, Markey Organizations: Sears, Mervyn's, Steward, Manor Care, Companies, Golden, American Realty Capital Partners, Realty, Lobster, Financial Reform, Thai Union Group, Thai Union, Steward Health, Department of Health, Human Services Locations: Austin , Texas, Canada, San Francisco, Golden, Bangkok, Thai, Arizona, Massachusetts

A sign is posted on the exterior of a Red Lobster restaurant on April 17, 2024 in Rohnert Park, California. Red Lobster has filed for Chapter 11 bankruptcy protection, continuing the process to shrink its footprint and find a buyer, the company said in a statement. CNBC reported last month Red Lobster was seeking a buyer, weighed down by significant debt and long-term leases. At the time, it was tough to predict that Red Lobster would see sales drop as much as they have. "This restructuring is the best path forward for Red Lobster," Tibus said in a statement late Sunday.

Persons: — Jonathan Tibus, Alvarez, Marsal, Tibus, Red, we've, General Mills, Darden, Kim Lopdrup, Paul Kenny's, Kenny Organizations: CNBC, Golden, Darden, Food, General, Thai Union Group, Thai Union, Red Lobster, Seafood Alliance, Thai Locations: Rohnert Park , California, U.S, Canada, Orlando , Florida, Olive, Thai

☆ Red Lobster just filed for bankruptcy — but it's not going to disappear
▼ + stars: | 2024-05-20 | by ( Pete Syme | ) www.businessinsider.com time to read: +2 min

Read previewRed Lobster has filed for Chapter 11 bankruptcy, the seafood restaurant chain announced in a statement on Sunday. However, Red Lobster added its remaining restaurants will "remain open and operating as usual during the Chapter 11 process." Filing for Chapter 11 bankruptcy allows a company to stay in business while it restructures its assets. The firm said it had received a $100 million debtor-in-possession agreement from its existing lenders, which will now take control of Red Lobster. Advertisement"This restructuring is the best path forward for Red Lobster," Tibus said.

Persons: —, Jonathan Tibus, Tibus, we've Organizations: Service, Business, Thai Union Group

☆ Red Lobster closing at least 99 locations as its future comes into question
▼ + stars: | 2024-05-14 | by ( Rob Wile | ) www.cnbc.com time to read: +2 min

A sign is posted on the exterior of a Red Lobster restaurant on April 17, 2024 in Rohnert Park, California. At least 99 locations of Red Lobster are being auctioned off amid questions about the stalwart seafood chain's long-term future. Last month, CNBC reported Red Lobster was seeking a buyer as it looked to avoid a bankruptcy filing, but none have materialized. Earlier this year, Thai Union, the largest investor in Red Lobster, announced it was seeking to exit its position. Red Lobster did not immediately respond to a request for comment.

Persons: Neal Sherman Organizations: TAGeX Brands, Business, CNBC, Thai Union Locations: Rohnert Park , California, Denver, Indianapolis, Rochester , New York, Sacramento , California, San Antonio, San Diego, U.S, Thai Union, Thai

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"

15 mentions found