Red Lobster files for bankruptcy amid financial woes
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- Опубликовано: 19 май 2024
- The fast casual seafood restaurant abruptly closed at least 99 locations across the country last week.
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It wasn't the shrimp deal..
Another business destroyed by hedge funds. They leveraged the buy, sold off the buildings and then rented them out to the restaurant. Then sold off the business.
So now the restaurants have to pay rent then can't afford.
This is why all those people lost their jobs..greed.
I know right ✅️ just point the figure at social media and consumer people will believe that lol
Except the whole communist $20/hr dishwasher.
i work for a red lobster store that is still open and can confirm this is the biggest reason we are closing down
@@jewsrbad no one in my store makes $20hr where you at?
That's mostly because you're buying what bad management told you the reality is this company has been bought and sold two times in the past 16 years.
First darden restaurants which is a division of General Mills sold Red lobster off to Golden gate investments Golden gate had the company for roughly 6 years and then they sold it off to the current company which is from Thailand it's another hedge fund well it's been a money loser for well over a decade half this is exactly why General Mills got rid of them.
So now the endless shrimp is a bullshit excuse yes they lost money on it sure they did so those recent losses can be counted as a contributing factor it's yet another bundle of money they have lost the problem is it's still not the root cause the root cause is largely where the company wants to put their money and that is they want to do bullshit revamping like my mother constantly bitches in their location they had a perfectly good bar it really looked nice etc but then they wanted to blow a bunch of money putting another bar in it's stupid they're all the time wanting to do a bunch of nonsensical remodeling projects that really contribute nothing to the business it's just blowing money.
The main cause of their demise particularly when you consider it on a scale of 16 years is an income to deficiency across the population coupled with their high prices and they have always had high prices even in the 90s that joint was extremely expensive.
Basically most restaurants from yesteryear are being realized as non-competitive today simply because their format is outdated the problem is simply you can't really take the format anywhere else you might be able to do some things like focus on takeout but that may only be a Band-Aid solution it may not be a permanent fix of course then you have the very big problem if you are focusing on takeout and yet you're paying to maintain this bigger building that offer seating when no one's coming in to be seated which is the current problem and basically you're just pissing money away on all the inventory you have.
So a lot of people don't know because a lot of people just don't understand business everything is counted as inventory it's not just foods that you're selling that counts as inventory it's literally all of the kitchen equipment the silverware the napkins that you have in stock the tables the chairs the glasses the cash registers all of that is counted as inventory and you pay inventory tax on it every year so it's like when you go to Walmart the shelves that the products are setting on yeah that's counted as inventory and they are taxed on this the fucking mop and the bucket that also counts as inventory all of your cleaning products count as inventory.
So basically if you have a restaurant that's capable of seating 80 to maybe 120 people basically what that means is is you have a whole lot of tables that are being unused if no one's coming in and while you're paying tax on you've got cleaning products to keep a restaurant and it's bathrooms clean that nobody's using so yeah how many meals can you realistically sell out of a drive-thru window that's going to make that profitable it's basically game over in many respects.
So no the endless shrimp losses are not actually the big final nail in their coffin it's a contributing factor because well it's a loss but it is not the root cause so whoever told you that they either don't know what they're talking about and they're just parroting what upper management told them or they're outright lying to you.
All you can eat for 1 hour is a better model for food pricing a buffet.
Don't worry, everyone, the executives will still get their Golden Parachutes while the workers will get nothing.
that is a fact.
They raised their prices to ridiculous prices for what they serve
KFC going next.
@@Patrick-yh5yd i hope so. i haven't KFC in more than a decade. their chicken got worse over the years and the breasts barely have any meat.
@@thevoid99You notice how the chicken doesn’t taste the same? It also has a certain chemical taste from time to time. And the Big Crunch!! That once was so big and juicy.
Not just shrimp, but also rent
Endless shrimp deal????? I smell a Wall Street "RAT." 🐀🐀🐀🐀
RIP Red Lobster
Karma is Karma . I worked there for a while . They were jerks . I put the spell on them . Adios , Amigos .
108 shrimps in 4 hours?!?! das a big girl right there
probably one of those self-proclaimed "queen" types
YES SHE COULD QUALIFY AS A WHALE!!
@@ksandhoff1 HEY WIDE LOAD! COULD YOU STOP BOGARTING ALL OF THAT SHRIMP?
Imagine her toilet
When she plugs the toilet you know she’s a keeper!
First Toys R Us now red lobster...
Restaurant from the 80s ,when seafood was relatively cheap
My cousin(7ft tall) ate 5 kilos of shrimp. Each bag had 2 kilos, he had to be cut off on the 3rd bag. We fish for commercial purpose, not to go into bankruptcy.
Customers eat like field hands, hang a jacket on a chair, leave, come back and eat like field hands.
Imagine a shrinp deal causing a franchise to fall
What about the high payments for spot rental? Hmmmm...this did not mention that aspect just mentioned the endless shrimp aka as blame it on customers!
Red lobster is very popular in some communities, some which have a habit of not paying bills.
1 ppm mercury is the FDA limit and she had .972
All you can eat shrimp for $20, 40% of Americans are obese consuming 4000+ calories a day, what could possibly go wrong?
When they started to transition their menu from hearty fried fish and foods to boiled, broiled and pan seared fish about 15yrs ago that marked beginning of slow end. We liked RL but mainly the fried food menu can do boiled, broiled and pan seared at home. Frying costs more $ in oil, equipment maintenance & labor. Most restaurants today claim its a health thing, but really they're just cheap.
I know that woman stank those next few weeks 😂
You are what you eat. 🐠 😂
She likely stank anyways...she was just keeping with her routine!
I ate there for the last time about 20 years ago. It was going downhill with their low quality seafood. They pushed their biscuits, fried shrimp, and tilapia. All items I could get at a quick order fish house.
Imagine thinking "endless shrimp" is what forced them into bankruptcy
Did Red Lobster management not watch the Simpsons?
“SIMPSONS DID IT”
Red Lobster failed in New England because the lobsters they were selling were not northern Atlantic lobsters. They from California or China and most of the food came from a company commissary.
Missy Cooper will be devastated.
I refused to ever walk into one after I couldn’t even hear the waitress taking my drink order. It was so loud and obnoxious……I’ll end it there
Maybe an investor could lift them out of the tank.
That's o k, the only good thing there is the biscuits.
How about ABC mentioning Thai Union's money games it used, by charging Red lobster higher prices than normal from it's subdivision companies. Also real estate money games.
I’m so proud of Thai Union Seafood; they learned so much from American businesses - change established supply chains to maximize your subsidiary’s profit, fire staff to reduce your overhead, close perfectly good offices and build new ones at great expense and blame the fat, lazy American workers!
We're gonna be stuck with Long John Silvers??? 😁😄😭
They did endless crab legs 20+ years ago losing tens of millions of dollars. Heads rolled. I guess they didn’t learn their lesson.
Here's a copy of the recipe for those cheddar biscuits.
• 2 cups all-purpose flour
• 1 tablespoon sugar
• 1 tablespoon baking soda
• 2 tablespoons garlic powder
• 1/2 teaspoon kosher salt
• 1/4 teaspoon cayenne pepper, optional
• 1 cup buttermilk
• 1/2 cup unsalted butter, melted
• 1 1/2 cup shredded sharp yellow cheddar
Topping:
• 3 tablespoons unsalted butter, melted
• 1 tablespoon chopped fresh parsley leaves
• 1/2 teaspoon garlic powder
1. Preheat oven to 450° Line a baking sheet with parchment paper or a silicon baking mat; set aside.
2. In a large bowl, combine flour, sugar, baking powder, garlic powder, salt, and cayenne pepper (if using)
3. In a large glass measuring cup or another bowl, whisk together buttermilk and butter. Pour mixture over dry ingredients and stir using a rubber spatula just until moist. Gently fold in cheese.
4. Using a 1/4 cup measuring cup, scoop the batter evenly onto the prepared baking sheet.
Place into oven and bake for 10-12 minutes, or until golden brown.
5. For the topping, whisk together butter, parsley, and garlic powder in a small bowl. Working one at a time, brush the tops of the biscuits with the butter mixture.
6. Serve immediately.
I guess no more cheddar biscuits.
One lady got a cholesterol hike and sued red lobster
I will miss the biscuit 😢
@@Gone_huntingg I used to also order the shrimp with fettuccine pasta
We will miss you eating them all. Those cheeks spell red lobster biscuits my friend
@@SlimMichaelSpaghetti I don’t like lobster
@@raulestevez7307 I know, we will save our biggest pile of biscuits for you one last time. Swing over to red lobster one last time my friend❤
We know, we will make sure we have a table full of biscuits one last time in our remaining locations for our chubbycheckers man 💋
Red Lobster here in eastern NC lost its appeal after the third visit for me. Why would I want to eat frozen seafood from who knows where when my town has a fishmonger who gets fresh seafood from the coast less than an hour and a half away every morning? Plus, there are several locally-owned restaurants in my town that have better food, fewer raucous customers and who the hell eats biscuits - though they are tasty - with seafood anyway?
NOOOOOOOOOOOO!!!!!
Lets be clear, while they want you to believe that their generousity caused the problems (all you can eat shrimp) it was actually their high prices and low standards that hurt them. For a main dish and a coffee it costs $60 per person in Canada and for the last year or so they no longer include a salad, which is now offered for an additional $6. That means after one person spends $60 plus on a meal they can still leave hungry. So why would I ever go back to Red Lobster when I can have two good meals somewhere else for the same price? They priced themselves out of the market.
I'm eating at home for that.
arid, desert, treeless, wasteland, supermegagulp or megasupergulp brand, watering your crops with a sportsdrink, and a single guy smarter than the rest.
So long, thanks for all the fish.
If it is costing money, and tanking the business, take it off the menu. Duh.
Thai union owned majority of red lobster and was also its shrimp supplier. why would they want to stop selling endless amounts of shrimp to a U.S. restaurant? they made a killing and left us to drown in debt
*That man ate all our shrimp, and three plastic lobsters!*
日本のレッドロブスターは経営母体が別なので残るらしい。
May we be productive again
No loss.
For the sea food lover in you 🦞🦞🦞
My wife left me for some guy who took her to red lobster. Good riddance to those home wreckers.
Let’s hope she got the crabs! lol
Was ' Mediocre Lower Quality Seafood and High Prices' - That is why people don't eat there. Bankruptcy is KARMA!
Maybe they need new cooks in waco texas they We're real good and tasty. Then they move to the other part of town by the mall. The quality of their food and cooking has gone down. So sad. loved Red lobster in the 80s and 90s
They say it was due to shrimps…little people boycotted it?
One woman ate 108 shrimp over four hours. I thought only college guys would hog up that much shrimp up at one setting.🤔🙄😳😲😁😂🐷
My brother did more than that once. Spent the night in emergency. Good times, good times.
Dammmm
Nobody and I mean no one likes George Stephanopoulos!
What have you got against George? 😂😂
@@nsnopper he's a bumbling idiot and a political *ss kisser!
Seems a little fishy
Should have hired me 🤔
Smh!
Red lobster been trash for the last 10 years for sure but probably longer. Same menu prices with trash sea food. They didn't think outside the box to update the menu. Serving you the same BS from 20 years ago. Blaming it on an endless shrimp deal was the least of their problems. So now the shrimps are the fall guy???? Best thing was them damn cheddar biscuits 😂
This is the alphabet groups fault.
its cause of the butter shortage that happen after the Politican’s put the new law
I never really was a fan anyhow. I prefer locally owned n well established seafood dives…
Part of Darden chain. Based in orlando the city going downhill fast. 2 democrat mayors who do nothing.
What has happened to ABC. A 'shrimp' special broke this company?? Is she a fool or does she think WE are?
Overly salty food, meh biscuits.
Meh biscuits? It’s over. And I was faking it e v e r y t i m e 🙄
Red lobster should have been closed so long ago. There food have no flavor in it. There food suck.
Dead Lobster
Juvenile probation ate all the shrimp for free?!?!
They tuck are jobs
I am sure there are a lot of questionable business moves behind the scenes, but people are animals. I bet there are plenty of "see how many shrimp I can eat" videos on RUclips.
We had been stealing shrimps from whales for way too long. Time for us to let the whales had their food now.
Pro tip! Hang out in back and get the sea food they throw out.
Oh NO! Where is MAGA going to eat? 🤣
Well at least Shooter Mcgavin doesn’t have to worry about Donald bugging him to go to Red Lobster with him anymore after trying to bring Happy Gilmore down…
That's very bad management. They had a goldmine. Reminds me of bad management trump who lost his casinos that his daddy paid for. 🤡
Bidenomics...
You are aware they went bankrupt due to that all you can eat shrimp deal, right? Wake up and smell the coffee. Biden had nothing to do with this.
Go look at who owns Red Lobster. Now look at the internal issues of that company. Endless shrimp deal is just part of the issue.
@@jasontreyes8078 Bidenomics ✅
You're gonna see lots of restaurants go under because of inflation...nobody has money to eat out.
Red Lobster was basically siphoning off the vapors of that golden 20th century middle class, ancient times when the minumum wage would be raised every 7 years, workers had pension plans, wealth distribution looked like a bell curve, not a ski slope...days gone by, thanks to middle America falling for the trickle down con, right-to-work union busting, and all the other corporate tactics that flatlined middle class wages, thereby wrecking purchasing power due to inflation's unwavering steady climb. Sorry, Red Lobster, hope you enjoyed the ride but it's over. All bets are off. I'll be buying Chinese takeout and stretching it a month with DIY rice. You can thank all those older baby boomer customers you had for paving that road to your bankruptcy when they took their eyes off the workers and handed the keys to the American dream over to the corporate owners. When I want to satisfy my breaded shrimp craving, I'll buy a box of SeaPak.
Bidens America
Republicans fault
Lol, yeah ok. How many businesses went bankrupt during Biden’s terms? Even banks
How
@@noneyabizz8337 losing jobs because of them
Nice try, Susan. Thanks for playing. TRUMP 2024.
@@irishledden4924 nice try bitch Biden Harris democrats 2024 ur mega is going to prison stupid
you can blame the democrats. so sad.
Well really I can blame best I mean after all it was Trump back in 2020 who declared a national emergency when there wasn't one did in turn gave the Communist governors of both fake parties the green light to act like dictators and go around and shut these restaurants down like in my state it was Republican Governor Mike dewine who did such a thing and guess what Red lobster was one of them that was shut down.
Well you know after a while they did manage to make some money when they open back up etc but that didn't mean that people got their jobs back immediately my mother was out of work for a year and she had been with the company for 22 years she's still with them.
Of course we know that the Democrats didn't do anything to attempt to stop the bullshit from taking place they didn't fight Trump on it at all in fact a lot of the Trump worshipers try to accuse that big bad going to tell everybody what's what Trumpy bumpy got pushed into it.
Lol
So I mean if you want to politicize it yeah I can fucking do that and I can tell you that it was actually both fake parties that contributed I say fake parties because the end of day they're all the same it's all one big club and guess what you're not fucking in it.
Y’all folks always bring politics into this
I’m still eating endless shrimp at red lobster 🦞.
Thank you !