Red Lobster BANKRUPT After 'All You Can Eat' Shrimp
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- Опубликовано: 13 июн 2024
- Krystal and Saagar discuss Red Lobster shutting down restaurants after an all you can eat shrimp disaster.
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I can live without Red Lobster for seafood, but if I lose those god damn biscuits…
right!
I bet you VOTED a lot.. 😂😂😂
Bisquick and garlic butter. Cheese.
Learn to cook. Recipes are available online, it's butter geld together with a bit of flour and cheese
There's a red lobster box version for home. But it's nothing like it
It wasn’t endless shrimp that put them out of business, it was private equity!
I know they r better than this, this is CNBCs take come on guys
Or under cooked food tasteless food
Lazy “reporting” it’s sad really
As a former RL employee, whenever we ran out of the store supplied biscuit mix, we would go and buy Bisquick. The recipe is essentially Bisquick, cheese, and water with a garlic butter.
Nah.. What's the secret ingredient in bisquick?? 😂😂😂
@@jpnewman1688baking powder hahaha. Bisquick is all purpose flour, salt, and baking powder that's it.
@@Belizle86 so you don't know the 3 things that make food addictive??😂😂😂
I made those from scratch once, another time from a jiffy box. I used bacon grease when I made the former instead of butter.
Whats the proportions
"That man ate all our shrimp and two plastic lobsters!"
🤣🤣🤣🤣
Arr! Tis no man tis a remorseless eatin' machine!
man I miss old Simpsons
does this sound like a man that had "all he could eat"?
*labored* That coulda been me!
This actually didn't start with the endless shrimp promotion, that was made PERMANENT instead of a seasonal discount. This all began once PRIVATE EQUITY got their hands on the brand. I'm surprised Krystal & Saagar didn't mention that. (btw 20yrs ago they offered unlimited snow crab legs, that nearly had a similar result and got that CEO fired.)
Seriously!!! Why is everyone taking this at face value?
It’s like the Toys R Us spin when they tried telling people that kids don’t want toys, just tablets and video games. But Toys r us sold tablets and video games and was netting 300 mill in profit.
I really thought Saagar would take a few minutes to look into this. A bit disappointing.
@@briane8627 he probably didn't want to delve too deeply, because he has those old feelings about being fat creep up again. 😅
That doesn’t fit their narrative unfortunately. Red lobster has been a terrible company for a long time.
Yeah there is no way the endless shrimp promotion was the cause.
Give us 99 cent all you can eat lobster! Go out with a bang.
Yes pls!
😂
Hell yes! 🤘😄
Lol
Every time a major company goes out of business I always wonder if Private Equity companies are involved and Executive Pay
Of course. The first thing to happen at the sign of trouble is the business gets looted.
I mentioned in a post here that it was Private Equity. I am surprised that they went with the clickbait explanation
You bet!
You are rightly
@@PurpleMonkeyDishwasher88 Exactly, this endless shrimp brouhaha is being endlessly (pun not intended) milked by outlets for clicks. Private equity are like leeches!
Unfortunately for Red Lobster they're not a Bank, because the Government would have bailed them out if they were. Then Red Lobster could have used that bailout to buy most of the commercial fishing boats and charge fishermen to rent them out, like the current housing market.
Goated comment
To offer "all you can eat" in the most obese country in the world may not be good business 🤔
BTW, The Simpsons gave this business lesson decades ago 🙄
I used to work at Red Lobster. I watched a women sit there for 6 hours, ordering shrimp
God bless America
Good Lord Almighty! 😄
@@harryv6752 I couldn't believe it, she was actually there before i clocked in so who knows how long she was really there
No, this is the work of Private Equity. I'm surprised they didn't dig deeper
Yep. Really not going to subscribe after this segment.
What’s private equity?
One of my closest high school friends was a waiter at Red Lobster. One evening two beautiful girls came in for dinner. He asked them both out and called me to join on a blind date. Been married to the girl he had his eye on for 35 years.
Did he marry the other one?
My mom met her best friend while working at RL. They've been friends for 52 years.
Don't underestimate our appetite, but don't overestimate our purchasing power.
Yup.. Never underestimate humans STUPIDITY.. 💯💯😂😂😂
I know, the rich are starting to look pretty tasty right about now.😂
Red Lobster has been going down hill since the 90s. Once the shrimp went to a less quality in the 90s it wasn't worth going.
That Damn Shrimpflation 😂
Bruh... 😆
I live in Maine and we kicked Red Lobster out over a decade ago for claiming they sold maine lobster but they didn't.
Maine has "Real Lobster".
John Pinette is rolling over in his grave.... ""YOU GO NOW!! YOU HERE FOUR HOUR!!!"😂😂
YOU SCARE MY WIFE
Why you so biiiiiiiig!?
That was my first thought.
Really miss his humor.
I remember being a kid thinking Red Lobster was 5 star dining 🤣🤣🤣
I guess the Shrimp does have an end.
The sadness hit before the laughter 😂😅😢
Red Lobster got "Fattied" out of business. LOL
Reality: Nobody under 50 goes there. Their food is outrageously expensive, and doesn't taste good anymore.
Are there actually any chain restaurants that don't suck ? The only ones I can think of are Legal Seafoods and Capital Grille, both of which are too pricey for the palateless lower middle class American consumer.
I love red lobster
Hard to have a palate when you have no money.
Factor in certain demographics with 6 people ordering 2 all you can eat shrimps and sharing
@@elsenorgatito Texas Roadhouse?
I feel the most bad for the employees who suddenly lost their jobs.
They should have life savings by now
@@254ChuckDawg Most probably don't. For one you usually don't make much money in food service, and many of them may not have been even in the job for a long time. But even if they did it's still a bit unsettling to suddenly lose your job unexpectedly through no fault of your own.
@@Laz3rCat95 hmmmm
ima go out on a limb and say bad management had a significant part to play
Lease back when darden spin it off in 2012
lol I do not believe for one second that it was because of all you can eat shrimp. That’s a sorry excuse
As Krystal pointed out, it was likely a combination of events from COVID-19 to inflation, with this being the final blow.
PRIVATE EQUITY ghouls again
@@PurpleMonkeyDishwasher88 no doubt
It's not as profitable due to allergens to run ghost kitchens out of that's how most restaurants are surviving they are like 12 restaurants in one.
I just went. You're right, it has nothing to do with the cute shrimp story. They're going broke because the restaurants are empty. Inflation killed them.
Where is the mention of the part private equity played in this?
You take one of the least filling proteins with the highest cost and give it away all you can eat style. What could go wrong?
Most people can't even afford fast food anymore let alone sit down in restaurants.
Most people can't afford a $9 meal? Really? MOST PEOPLE? Come on.
My hometown had a popular steakhouse diner/buffet. They were going out of business and I asked why.
Apparently the senior citizens would get extremely upset if they were going to raise prices on the senior citizens discounts or raise prices on the soup/salad bar.
Which eventually led to them closing shop.
Guys … the real story here is about the reverse-Midas of Private Equity
Exactly
The food wasn’t good. The biscuits were the only thing I remember. Everything was super buttery and greasy. Much better options, especially if you visit a local beach town.
Virginia Beach and Baltimore Harbor come to mind in terms of good sea food.
What if you don’t have a “local beach town?”
lol “local beach town” when you live in the middle of the continent
@@zachdailey5486 Then eat continental food. People like to have convenience over everything else. Well, sometimes, convenience means you eat shit quality food.
@@6lemans10 Anywhere in Central Maryland near the Chesapeake Bay was relatively easy to find a QUALITY seafood restaurant.
When both companies (Red Lobster & Olive Garden) were owned by General Mills, everything was first class!
Non sense, endless shrimp has been around for decades.
Shrimp used to be a lot cheaper a few years ago.
So when are you gonna pay up on the $34 trillions tab?? 💵💵😂😂😂
I've been trying to tell people this as well. If I remember correctly, it used to be a once a year promotion though. For the past couple months, it's been on the menu regularly.
@@darex0827 nah.. It's not shrimps are more expensive.. It's the fiat 💵💵 that's worth less.. 💵💵💯💯😂😂
@@jpnewman1688that by definition means everything is more expensive. Including the shrimp.
I used to work at Red Lobster and Endless Shrimp was the most horrific promotion I ever dealt with as a server. It gave me literal nightmares and a drinking problem. It’s fitting that Endless Shrimp was the root of their downfall.
It's all well and good until the cheddar bicuits disappear. When that happens, indictments for fraud must start.
Bro that’s all I heard
They could've been like Olive Garden and just make it endless biscuits. It seems to be more popular than any other food they serve and it is cheap and filling. You can only eat so many until you're stuffed.
😆😆😆
Red Lobster used to be the spot. The last time I went back in 2018, it wasn't even good anymore. Sorry for the folks with their jobs now.
Olive Garden won the war smh
Applebees didn’t hear a bell yet 🥊
Chili's already won, they have better memes
Same company. Darden
@@bigisrick WAS, Darden sold Red Lobster years ago.
The Olive Garden in my town sucks. The quality of the food coming out of the kitchen is poor and last time I was there they literally screwed up the salad......
It's not because of the endless shrimp. It's because ours that just closed down was never busy. Whether that be due to pricing and/or quality as others have said, I don't know, but I do know it was just never busy. Huge restaurant with just a few occupied tables.
I used to work at Red Lobster, most of my job entailed constantly filling casserole dishes of garlic shrimp for the endless shrimp on top of making those biscuits, it would get pretty insane and hectic in the back
Bubba: deep fried shrimp, shrimp shrimp, gumbo shrimp, buttery shrimp, shrimp cocktail , endless shrimp.
Goodbye old friend..
I just once had that unlimited shrimp deal. And they give you 5 tiny shrimp and then 20 min wait to get the next tiny plate. They deserve to be bankrupt!
The “endless shrimp” story is a red herring. Golden Gate Capital, the firm that acquired Red Lobster, was founded by investors who started at (wait for it!)… Bain Capital. Private equity strikes again.
Last time I ate at a Red Lobster was almost 20 years ago in Daytona FL with my college team. While we were waiting, we corralled a squirrel into the restaurant. Probably the hardest I have ever laughed.
Hahahahahahahahha. I'm laughing just thinking about that. Bunch of dumb young boys running around trying to get a squirrel into a restaurant. Then when they do it's a mix of cheering and laughing. Hahahahaha.
"All you can eat shrimp"
America: Hold my beer
Red lobster quality has been declining for years now.
After my 5th trip through the buffet line, the manager told me, "Sorry, that is all you can eat."
The shrimp story is just their press release. They were doing the shrimp promotion for 9 months. Do you really think that it took 9 months to figure out they were losing money? The probability is that there were lots of other managements misteps that caused their problems.
How do you allow that to go on so long that it literally bankrupts you? Wouldn't you be paying attention enough to stop it before your losses stacked?
Really.. How many times you VOTED?? 😂😂😂
And when are you gonna pay up the $34 trillions debt?? 💵💵😂😂😂
This is how you know it’s not true.
@@jpnewman1688 lol your brain is cooked
@@edwardpotereiko really... So do you trust your masters?? 😂😂😂
Because the private equity firm had already cashed out a bunch of debt against the company and they needed an excuse to liquidate and move on. They get to go to a bankruptcy judge and say, “we just didn’t know this would happen! 🤷♂️ “
The endless shrimp didn’t kill them. Charging $50 for $15 of food that was half cooked did.
Seafood sucks
@@ProudCommie No - YOU do.
The customer service at chains is abysmal and they are always dirty.
Plenty of local options are better.
Thai Union, owners of Red Lobster, are shrimp suppliers. They sell shrimp to distributers. If anyone should have seen this as a bad idea, it should have been these guys. But, the biggest impact to this one and other restaurants is the cost of labor.
Sounds like it was Thai Union who pushed this into being permanent.
Just go to a seafood boil and get a pound of shrimp with potatoes, corn and sausage, you’ll be stuffed for 25 bucks
I can’t remember the last time I’ve been to a Red Lobster. Honestly thought they were already out of business
I remember going there in the 70’s with my grandparents. Had no idea it was still around.
The Thai seafood retailer that now owns most of Red Lobster thought it would be a good deal for their product...
All these restaurants were where low to middle class people could go to for date night, special occasions etc…..but the price has just gotten out of control for even kinda upper class folks. Even our weekly Friday night pizza jones is up to 6o.oo for two 12 inch pizzas. Fortunately we’re older so we freeze them and they last for a couple of weeks, but still…..I can’t even imagine what used to be Friday night pizza and movie night with my kids (in the day) for families now. It would probably cost your entire grocery budget. The thing that all these hedge fund monsters love.
Red Lobster lost my business when they got rid of the saltwater fish tanks in the restaurants and replaced them with Freshwater!
@@dbptwghe enjoyed taking baths in the salt water tanks. Do better Red Lobster.
One of my earliest memories from my childhood was watching a hostess take a lobster out of the tank and letting it roam a few feet around the waiting area to help us kids enjoy passing the time. I haven't seen a single restaurant actually crowded with a waiting line in ages. Different times...
@InteristaS😂😂😂
@@dbptwg that’s when they started slipping.
It’s a seafood restaurant, not a freshwater Cichlid restaurant
Lololol@@dbptwg
I don't think our state has ever had a red lobster. They will not be missed.
As a 39yo, I’ve never heard someone say “let’s go to red lobster” in my entire life.
This is like that Simpsons episode with Homer at the buffet in real life.
The customers who devoured all that shrimp also died of hypercholesterolemia.
For red lobster prices you can go to a better, local place
Didn't they see Forrest Gump? "Butter shrimp, popcorn shrimp, coconut shrimp..."
As I recall the All you can eat shrimp has been on and off again since the ninties, its not a new thing.
Anyone else remember the comercials that were like, "Thats right it's back...The all you can eat shrimp at Red Lobster days are goin' on again." ?
This is not about all-you-can-eat shrimp, it's about poor management! All that stuff about being the eatery for the plebeian class is a subterfuge. Other "plebeian class" outlets are doing quite well thank you; such as Walmart, Sam's Club and a whole lot of others. It's like a chef blaming the menu when in fact it's the chef who creates the menu. The really big following story is going to be the CEO bonuses.
Red lobster used to be ok, but a hedge fund bought a controlling shares, sold the land the stores were on to themselves, then charged them rent. It was downhill from there.
"...sudden closure of these store crystals? "
😂
I am getting homer Simpson at the seafood buffet vibes.
Oh so that’s where the Budweiser chick went after she got fired 😂😂
You either die a hero, or see yourself live long enough to become the villain. Red lobster is now GOATed
I went to red lobster once about 15 years ago and my entire family got food poisoning, I never returned.
The thought of eating a pile of farmed shrimp makes me queasy.
Why is everyone acting like endless shrimp is a brand new thing with Red Lobster?
I remember taking advantage of that promo 15 years ago. It may have been called something different but it was the same thing
I agree with the cheddar bay biscuits. Told my son the other night that if Diddy had only tried them, maybe he would've never become a pedo trafficker, they are that good.
This has a lot more to do with venture capitalists than endless shrimp.
They should’ve had ads with Lionel Ritchie and Diana Ross singing ‘Endless Shrimp’ with Brooke Shields pigging out on RL Shrimp!!
“What spawned the sudden closure of all the store Crystals.” 😂 0:32
Still amazed at his total inability to construct coherent sentences.
Endless shrimp. The only enemy force America has defeated since WW2.
I highly encourage you to look up the Cumtown N-less shrimp bit
Local independent restaurants are usually way better quality. But then I also live near the sea. I'm not land locked...
Another restaurant chain obliterated by Homer Simpson 🦐
Seafood sucks
In Europe, the restaurants have "Eat As Much As You Want" for a set fee. It took the Americans to bring the element of competition into it "Eat as much as you CAN"
Most restaurants in Europe do not have that. Take it from a guy who lived in Western Europe for 23 years and ate out maybe 4 nights a week from age 18 to 23.
@@john7m7usa Yeah idk what he's going on about as if Europeans don't also eat a lot of food.
And lets not forget ‘endless tipping’ EVERYWHERE you go. Damn.
Check people's pockets on their way out the door ... Road Shrimp !!
A similar thing happened to them about 20 years ago with all you can eat crab legs. They shut down several dozen locations suddenly
At least we still have Dennys...for now...
Yet every Chinese food buffet in the midwest has shrimp crablegs, crayfish, and Mongolian grill for 14.99 ?? 😂😂😂
I couldn't afford to eat there anyway... so... Thanks Joe.. 😒
Perhaps this is part of the Collapse. I see it all around me here in Portland, Oregon. We lost our pharmacy, our Ben and Jerry's and now the local butcher. I'm a vegetarian, but still it was sad to see a business shut down that had been at the same spot for decades. Portland has lots of vacant storefronts. There is something very eerie about the fact that societal collapse is occurring at the same time as environmental collapse. For good measure, throw in all the politicians today who either don't care to solve problems or don't understand that it is their job to solve problems.
"its not a pharmacy.... Its a upscale CVS". Okay 😅
Captains of industry never learned from the Simpsons...
Total accounting fib to get out of paying the debts on a struggling business. They knew this was a loss after 3 months tops. Now they can shelter all the gains from their portfolio of other restaurants and not pay their seafood supplier.
You don't mess with 30+ BMI customers, and that's sadly sign of the times in America.
I grew up on Red Lobster 😭
Bidenomics... People gotta eat.
Really? I never eat there. Seafood sucks
Red Lobster was run out of Maine in favor of local businesses. Not sad to see them go.
5:36 i was actually in a similar boat back in 2020. I worked at Earths Fare, and the store i worked in was not only the best in the district, it was often going toe to toe with the home branch in terms of net profit. And we were all blindsided with the news that we didnt have jobs anymore.
Anyone who still works at Red Lobster now (in ANY capacity) should start filling out applications now before corporate makes the decision for you.
I can picture them gorging themselves on that dirty shrimp.
To be cost/profit neutral you needed to get a drink with an appetizer to go with the all you can eat shrimp.
They should’ve hedged their bets by taking out life insurance policies against all of those obese customers
I'm sorry but our local red lobster had mid food at best and ours had the worst service. Nothing is better than high prices and low quality
They had endless shrimp 20 or so years ago when I was in college. We would go 6 deep and order 2 plates 😂...they said endless!!!
Another Simpsons prediction, season 4 new kid on the block. Homer sues an all you can eat seafood restaurant that kicked him out after eating a cartoonishly absurd amount of food.