@@dcptivor regular people are having to work two or more jobs now to pay the bills and don't have either the time or energy at home, thanks to Joe Brandon..
imagine if red lobster invested into aquaponics so they could push for sustained yields cameras big data alot of markets go into this and selling future expansions to a sustained market nope just stagnate markets
Endless shrimp is just an excuse. Private equity went in bought it, and is just loading the company up with debt to sell the profitable parts, so they can then leave and screw everyone else
Nailed it. Whenever private equity gets involved, the business's days are numbered. They strip away assets, saddle the business with debt with harsh repayment terms and give themselves exorbitant bonuses. When this is all over the real estate will be sold off.
Well private equity loss out, you only make money when you can restructure and make it turn profitable. Red Lobster is not an example of a successful buy out, private equity is selling parts to offset their losses. As you would of you couldn't afford your house - you would perhaps sell your furniture or car first.
WSJ should spend time explaining what private equity did. Sell assets and lease them back to red lobster? Wouldn’t this increase operating cost ? How much did private equity make on this ? And they are blaming on wages, labor shortages, interest rates ? Everyone except private equity?
Let's not be disingenuous: The private equity firm made out like bandits. They only thing the principals at that firm are doing is eyeing up it's next target, and deciding if they will use a different name so as not to attract too much (negative) attention.
@@the_gilded_age_phoenix8717actually, anti trust laws broke up some of the largest oil, steel, and railroads companies on earth. Unfortunately, politicians on both sides are heavily invested in these schemes, and our corporate media is happy to lie on their behalf.
Yup.. just getting rich quick entrapment.. zero values in terms of vision or tech network.. look at Etsy case after PE acquisition.. increase in listing fees and sellers money longer payout. just Dumb and Dumbers!
I think before Thai Union took majority ownership, the business was run into the ground by the previous private equity owner. WSJ failed to cover this aspect of Red Lobster decline. When you see a Private Equity firm take over business, break out real estate owned, sell it and provide lease backs to business, its a transaction to remove profits and cash. The business was probably purchased with lots of debt added by private equity firm. So high rents, high debt really sunk this company. The endless shrimp worked for years before without issues.......
A PE firm took control of a failing restaurant company. Their interest rates were so high and penalties even higher. They basically had to millions a month to even break even after debts. It was never going to happen. It's so sad because one chef has his business ruined because of these guys failing to inform him how much money they were losing.
they change any part of the menu or how they cooked/microwaved their food. Half the dining horrors stories I hear about are red lobster. And Darden kicked them out because of the bad reviews and bad food
I agree it’s embarrassing to say endless shrimp was to blame but I also think it’s embarrassing to go to on Tic Toc and announce I am going to eat 65 shrimp. 😂
Notice how they try to blame higher wages first before going to the real issue: leasing their properties with much higher interest rates. Make no mistake if wages never changed they would still be in trouble. Another company bites the dust.
Leveraged buyout i think it's called. You basically buy a company by borrowing money that is secured against assets of the company you buy - so you don't have to bring much of your own money on the table. Then you pay yourself and your associates big fat salaries (consultancy) while selling even more assets. Final stage is to find someone dumb enough to buy the company (at what seems a discount, but the company is loaded with debt). You're just won Capitalism, the game where only those with access to cheap capital win. So many companies have been run into the ground that way. Perhaps something the WSJ could cover in more depth?
Red Lobster was one of my first jobs and the employees could not stand every time endless shrimp rolled around! It was a nightmare each shift because ppl would walk in with coolers and plastic bags in their purses to dump the shrimp. Just a mess
@arkansasgreg9976 You look low budget. Many restaurants offer take out and literally bring boxes to the table. Red lobster is one of the ones that does it as well
And how exactly was that affecting you? Were you cleaning the shrimp up out of those plastic bags or something? Or just upset about having to tell them not to do it.. or what? Smh
@user-jk5dy3wc9d So… what you’re saying is you’ve never got a to-go box at the end of your meal/ to place the food you didn’t finish in..? Y’all trying to fit in and act so outraged is just.. stupid.
@@AmberColeman-gq1wn you don’t get Togo boxes when you have an all you can eat. Which is why they were lining their purses with plastic bags. Why would that not be annoying when you dropping shrimp off every 5 mins for 3 hours straight.
Anyone who's ever done the "endless shrimp" figured that scam out pretty quick...as they space the timing out longer and longer and longer in-between asking if you want more shrimp. Only bored idiots are going to sit in a Red Lobster for like 4-5 hours just for some dumb shrimp. Unfortunately for Red Lobster it turns out there's TONS of bored idiots out there.
@@joefaller4525 Yes, as they are giving you the first order they ask if you want more, they bring you the second order and 5 minutes later ask if you want more....and then the times get spaced further and further and further out. They are counting on most people giving up after the 3rd order. Too bad they took a huge financial loss on the concept anyways and are basically bankrupt at this point because of "endless shrimp", because of what I already said. Even the CEO or whoever mentioned this in their earnings call not too long ago. They took a massive hit because of endless shrimp.
I giggled at that, too! The average American is a giant, compared to the average person on earth. If you offered $20 per person & eat all you want fresh, EXPENSIVE SHRIMP, unlimited... of course, you're going to go bankrupt over such a stupid deal. Anyway, these Thai owners don't seem to understand RISK MANAGEMENT.... in their approach. Business owners who know how to manage risks .... they KNOW how to price their commodities and a certain commodity being a "hit" with the customers should NEVER be the reason why you, the business, are going out of business! THAT was the part, of this tragic Red Lobster chain, that got me giggling, as I remember the restaurant from my teen years in the late 1980s.... I also remember the start of IN-N-OUT, a tiny, obscure burger chain... with just one store, that I knew of, in San Diego... around the same time.... Every day, in 2024, you drive by IN-N-OUT, next to the former giant McDonald's and the line at the former is so long... you almost never stop, unless you want to wait for an hour or more, whereas there's ZERO at McDonald's.... again, next door to each other.... I never know how people go into business who just don't see such a contrast, who'd say to themselves: Okay, there is something WAY OFF HERE! Two burger stores, side by side... how come they have 5M cars in-line waiting for some burgers and we have zero here, in our store?
@@kiabtoomlauj6249 It wasn’t the price that got them in trouble. They started offering the promotion as a regular menu item. … … … … … … … … Please stop with the ellipses.
@@kiabtoomlauj6249 On a completely different side note; what do those IN N OUT burgers taste like? I live in Canada, I have never had them but Americans seem to really like them.
They used to be a great place to eat. Then things like microwaved bowls of soup came along and portion size shrunk to half and the endless shrimp was a 30 minute wait to get 3 more. They lost their edge and feel of a nice place to eat. Numerous times I personally sent polite letters asking why their service was so bad. 45 minute to an hour wait for your food once seated was way to long. Especially after waiting an hour for a table. I walked out several times without even getting an order placed. BAD MANAGEMENT means poor employees. Once a manager assured me to sit back down and he'd put his best waitstaff on me and my husband. 45 more minutes later we left without ordering. You get what you deserve.
Their biggest problem was when Darden sold it to private equity they kept the quality the same but jacked up the prices. Sorry red lobster but your seafood doesn’t warrant the prices you’re charging.
You are so correct. Their seafood quality is awful. The last time I ate there the shrimp was frozen and pre breaded. Same quality as seapak frozen shrimp in the grocery store-not great. If I pay that much at a seafood restaurant, I want it fresh otherwise I will just cook it at home. Also, never eat at a seafood restaurant that actually counts the shrimp they put on your plate.
Imagine having restaurants that you own, then a private equity firm comes along and sells them for some quick cash, and you have to pay leases on all your properties. That's a bad deal! No wonder they're hurting. Endless shrimp can only do so much damage.
Used to absolutely love Red Lobster. I loved their broiled fisherman’s platter-they got rid of it. Then loved crab fettuccine--got rid of it. Lastly loved seafood stuffed mushrooms--they took the seafood out of them almost entirely, just leaving stuffing. That was the last straw. Never went back. It’s a shame because I would go back if they brought back the stuff everyone loved.
It seems every time I hear private equity buys out a company, they sell off the pieces and sort of raid the company and then it goes bankrupt. Has there ever been a private equity deal that a company benefited from long term?
Not that I know of, but believe me like you said raided ill add the bones of the company get licked clean then they leave the common folks to sus it out
Agreed. I used to love Red Lobster. But, over the years, they became the only seafood restaurant that can't cook seafood. The quality has indeed fallen off the scale.
@@Cap683 Girlfriend and I went there on a date because she had not been there in years. It was the most baffling menu I had ever seen, long wait, and cooked poorly. The waiter was a rockstar and was trying her absolute best, but there was clear problems with the restaurant. We drove by there last night at 8 PM and they were closed. Not shut down as in out of business, but just closed.
A lot of these struggle restaurants have nasty food that’s poorly prepared . That’s why they stay struggling. A single cook in the hood can have a line around the block because their food is good. These corporations need to take notes.
The worst is soda, all those calories for virtually nothing, it should be labelled the poison that it is. At least we know alcohol is bad for us and should be drunk in moderation, no such awareness with soda.
@@bonbonjovi4836No. Don’t put out those kinds of numbers without any context. Also, no. Until you learn to put the dollar sign on the correct side of the number, no one should take you seriously.
They work with skeleton crews. And portions and quality have shrunk while prices skyrocketed. It's not about expensive shrimp or people not wanting to work
Most restaurant profit comes from alcohol sales, having your main food entree as a loss-leader without creating the atmosphere and marketing to encourage having a bottle of wine with dinner is colossally stupid
Not every restraint makes money on alcohol. By that logic, the food industry in the entire middle east/central Asian market would not exist lol. Even in the west, only fancy retjrabts make money on alcohol
Reality is though, who goes to red lobster for anything but the endless shrimp? That was literally the only reason my family ever went there once a year. Are people really going there to drink in the first place? Seems like a family-style chain were mom and dad maybe have one beer and a glass of wine with dinner, while them and the two kids all get endless shrimp
@@olinafan4459: Because for non-drinkers, that would attract SO many customers. /s I only drink water with meals for health reasons in recent decades, for example.
I remember red lobster used to have good dishes over a decade ago. It used to have over 20 different dishes but it has since reduced to barely 10 dishes. Bland basic dishes with often overcooked shellfish/fish or small portions. Red Lobster is done.
Worked at RL for 14 years in my youth….every employee HATED when then endless shrimp promo ran. It doesn’t seem very profitable for the company and it really strains the employees.
Did they hate crabby Monday too? I remember going once or twice in Tucson AZ. That was over 20 years ago and until about 6 months ago was the last time I was in a Red Lobster.
I worked at a red lobster in 1997. It was a busy restaurant but it doesn’t surprise me that they are bound to fail. People are sick of corporate culture. I rarely go to a sit down restaurant anymore. 20 -30 for a plate 10-15 for a couple beers 3-4 for a soft drink. Even without alcohol your still on average at 25-35 bucks for a meal and soda. Add the 6-8 dollar tip and buy the time you factor in transportation cost you might easily be at $50 bucks for one person just to get a ok meal. I’ll pass, corporate culture is out of touch with consumers, just like how we don’t want to pay 50-100k for a vehicle or 400k for a house. I welcome this economic implosion. The sooner it fails is the sooner we can take back are countries from the entities that are fleecing us into new age slavery.
When my dad used to go to golden corral for all you can eat seafood he used to peel all the breading off. He said that's how they fill you up so you can't eat as much lol😂
You do realize that most of the AUCE options included heavy fat and/or carb saturation, right? Some 10% of people will exploit the deal, but most people simply cannot. 2# of shrimp at a grocery store costs about 15 on a sale week. RL is getting their shrimp way cheaper than the grocery store, no doubt. To boot.
Private Equity sold the land from red lobster to another business it owned and jacked up the rent. The bled it dry. Endless shrimp is a way to blame you for a 11 million dollar loss which is nothing in comparison. The company that bought it from Private equity used red lobster to unload its shrimp which it dold to red lobster for overmarket prices. You are not to blame, shame on the media blaming consumers
Back in the day, it was the place to go for seafood. Last time I went to our local Red Lobster I was shocked at how the place looked and how it was run. "Seedy" is the best word for it. Dirty restaurant, sloppy employees, so-so food. It just went downhill.
Last time I went there, I am pretty sure there was a guy running his drug dealing/pimping business out of a corner booth. You’d see him call a waitress over, and then he’d point at a booth. Then the waitress and guy in the booth would go into the kitchen.
I just remember eating at RL once back in 2009 and as soon as a saw the bill for over $50 for a lobster tail and a few shrimp, i decided in that moment that it was the last time i would ever eat there
@@hydropage2855 yeah i think my lobster tail was $30. my friend ordered a shrimp pasta for $20. I dunno how i remember all this. it was that shocking i guess. it was the one in Edmond, OK
The quality of the food at RL is also not what it once was. My family used to enjoy going there but we quit because our local restaurant was always unkempt and the food quality was mediocre.
The local large Chinese buffet has endless shrimp, and endless everything for $16, around the same price as a McD's large combo meal. Best part is they have endless crab rangoon!
The problem is their products are mainly coming from unregulated wild fishing operations where the populations are being decimated. I was on a small Caribbean island where lobster trapping for Red Lobster was like 50% of the islands employees ( This was in 2018ish). The island had been a major supplier since the early 1980s. The locals were telling me about how much further from the island they were having to go each year. The older people remembered the days when you could go a few hundred meters off shore.. now they are going 5 miles or more.... which makes it much more expensive and risky. The trash boats they use constantly sink in any type of bad weather, and it gets harder and hard to locate the traps that are dropped. One guy told me in the 80s you almost never lost a trap, now they are losing 10% or more each time they go out. While that is a bad expense for them, it also means that 10% of the traps end up being just death for the lobsters inside.
There's actually an over abundance of lobsters currently, fishermen are just not allowed to catch and sell them freely because of regulations. Also the processing plants make the big bucks, they buy seafood at dirt cheap prices because fishermen do not have choices on who to sell to and then resell at 10x the cost.
Helpful hint. Pretip the server at the moment you order. Explain you and your guests will be enjoying yourself & appreciate the service. After all your server is there to make money so let them know you mean business. Then tip the bill as well. This timing & a little extra for the server is well worth it.
Investment companies aren't as good either, they asset strip leaving the consumers of the business with the negative effects of greed. Some might say, its capitalism, go find another business for your service if your unhappy. The issue is, the investment firm bought up the smaller firms and competition narrowing choices and in some instances leaving a monopoly. However, Investment Companies operated properly for long-term benefit rather than short-term gain leave the consumer with better benefits than if a private firm with low capital expenditure were to operate similarly because they can invest in the business heavily.
@pahini Buffets have endless everything and many stay in business. Red Lobster just sucks at doing business. The CEO just couldnt attract customers.Had nothing to do with their offers which is more of symptom of declining sales than the cause.
People are just not dining out like they used to . I just payed $40.00 for brisket sandwhich at the fair not including fries or drink either just sandwhich 😳
Endless shrimp made all the good servers leave. Imagine your average check price being 100$ then dropping to 50$. Every single table was ordering endless shrimp. The amount of work dedicated to running ringing in and delivering 6+ refills of shrimps is ridiculous. Now times that bu 5 tables.
I use to be a waiter here. I had people come in with coolers. They would eat half the shrimp and then but the other half into coolers. Management did nothing when I brought it to their attention. Good Riddance Darden Corp.
WSJ missing the entire plot. Private equity firms killed Red Lobster, not endless shrimp. It is sad that WSJ lost the plot, good thing we have Last Week Tonight. I'm guessing WSJ is owned by similar private equity so they aren't willing to tell the truth.
You are assuming that the shrimp that Red Lobster buys is wild caught and you would be incorrect a huge majority of the shrimp in the US especially in casual restaurants such as Red Lobster are all farm-raised.
I don't know why but 'endless' or 'all you can eat' really boosts my inner gluttony. I can't stop eating before I feel sick on those types of restaurants. I never do that in any other types of restaurants but that 'eat it or loose it' situation really channels my inner gluttony.
When I was a kid, my parents knew I loved lobster, so on my birthday we would go to red lobster and load up on lobster and other seafood items. I hadn't been there in 25 years, and took a date out to Red Lobster back in 2020. It went from being maybe too fancy as we just started dating, to dealing with poor quality everything from there. It was comparable to buying frozen dinners, heating them up and serving it to people.
I go to Red Lobster by myself and abuse the endless shrimp. I usually buy 2 drinks and always tip at least 20 dollars or 50 percent of the bill, whatever is greater.. I try to make it as easy as possible for my server/bartender, but I know it's still annoying (they don't mind when they get the tip). However, by the time I leave, I've easily eaten 3 times as much food as I paid for. The amount of extra staff required to deal with the promotion can't help either. No, I'm not terribly overweight (5'10" 200ish). I usually fast for a full day or two before I stuff my face at Red Lobster.
Any restaurant that does an all-you-eat special clearly doesn’t know how much Americans can eat in a short amount of time. Some people be like locusts, y’all.
I don't believe the "Endless Shrimp" excuse! I went there for it last year, for $20. & when I went back, I was told that it's now $27.00! I go to a Chinese Buffet every week & they serve "endless'" shrimp, both fresh & fried, unlimited on their buffet table! If they can do it, so could "Red Lobster"! p.s. The other members of my "Red Lobster" party had fried fish & it was not good or worth the price!
In the 1990's we did a lot of traveling. across the country. We would stop at Red Lobster once and a while. My husband thought it would be ok since were on the road and trying to hurry, not to mention the dress standard was casual. No matter what time of day or night the wait was long even though there wasn't always that many customers and tables were open. Half hour to be seated, ten minutes to get a menu, 15-20+ minutes to order, 10 minutes to get drinks, 45 minutes to an hour to be served. By that time, we're all very hungry, the kids were tired, and the food was cold and rubbery. It didn't matter which city, what time of day it was all the same, poor service and really bad food. After many attempts (not my idea, I gave up on Red Lobster after 5 tries) we gave up on them and have never been back.
I worked for a company that did the exact same thing they were sold to a private equity firm. They took loans out to buy themselves essentially loaded themselves up with that, and eventually could not afford the interest rates on these loans plus they kept taking out cash and buying more companies.
endless shrimp is stupid, they bring you 8 tiny shrimp at a time. You will get bored of their BS and leave before you get full. You can get more shrimp at the grocery store for $10 and cook it yourself lol.
I can't believe Red Lobster even had that promotion after the HUGE losses in the early 2000's when they had the Endless Crab. Resulted in the company president being fired.
Not to mention the quality of the food has decreased. I haven't been there in many years because it just wasn't good anymore. Red Lobster used to be the destination and now in my friend group, it's not even an afterthought.
Seems like the top executives are NOT familiar with the American culture of excess in everything. When they promoted an all you can eat deal, they were not expecting that many people to eat so much. Cultural differences and lack of understanding of their customer base in this social media era killed them.
Endless shrimp is a joke anyway, for most people you're better off to buy the any three platter unless you intend to be there for 2-3 hours. The last time we went it was probably a 15 minute wait per refill and each refill has 4-6 shrimp. Aside from that they're hemorrhaging money because it's far overpriced for the quality of the food. There are far better options that are both better in quality and lower in price.
I once ate 120 garlic butter shrimp in one sitting at their Endless Shrimp event. Now this was nearly 20 years ago, and it was in a Canadian Red Lobster, but I can’t help but feel guilty for ruining the business. 🍤
@@HermannTheGreat nah, just a young guy taking advantage of the promotion. I didn’t eat anything else: none of the pasta, the famous biscuits, or any of the breaded options. Plus it was over the course of an hour, so I wasn’t rushing.
I worked at red lobster on Long Island in the 80s. Wonderful time. They used to have all you can eat crab legs. The seafood back then was much more cheaper of course.. also a place called beef steak Charlie’s. Which is really just a New York chain back then..
Selling and leasing back their own real estate was probably a bad idea. Locations sitting on prime real estate for 5 to 20 years would see those property values increase significantly and would result in unsustainable rent
2:23 "The negative is that there can be consequences down the chain." You mean like needing to close locations and potentially go out of business? Those kinds of consequences?
It's funny how in my area the Olive Garden went out of business and a Red Lobster location took over it and from what I see, it's doing very well but that's just one location!
McDonald's seeks to make menu more affordable for inflation-weary consumers: on.wsj.com/4dlMrVl
@@dcptivor regular people are having to work two or more jobs now to pay the bills and don't have either the time or energy at home, thanks to Joe Brandon..
Remember when McDonald's hamburgers were 25 cents? I do, 'cuz I'm 2 days older than dirt...
F fast food yaa dig😊
@@igorschmidlapp6987 I remember early to mid 2000s, McDs had 🍔 cheeseburgers for $0.49 to 69. Often 2-3x a mo. Or buy 1 get 1 free.
imagine if red lobster invested into aquaponics so they could push for sustained yields cameras big data alot of markets go into this and selling future expansions to a sustained market nope just stagnate markets
Endless shrimp is just an excuse. Private equity went in bought it, and is just loading the company up with debt to sell the profitable parts, so they can then leave and screw everyone else
Nailed it. Whenever private equity gets involved, the business's days are numbered. They strip away assets, saddle the business with debt with harsh repayment terms and give themselves exorbitant bonuses. When this is all over the real estate will be sold off.
This comment needs more likes
Well private equity loss out, you only make money when you can restructure and make it turn profitable. Red Lobster is not an example of a successful buy out, private equity is selling parts to offset their losses. As you would of you couldn't afford your house - you would perhaps sell your furniture or car first.
100% yes
That’s the same thing Eddie lampert did to sears
WSJ should spend time explaining what private equity did.
Sell assets and lease them back to red lobster?
Wouldn’t this increase operating cost ?
How much did private equity make on this ?
And they are blaming on wages, labor shortages, interest rates ?
Everyone except private equity?
Let's not be disingenuous: The private equity firm made out like bandits. They only thing the principals at that firm are doing is eyeing up it's next target, and deciding if they will use a different name so as not to attract too much (negative) attention.
Classic 1980's LBO playbook, which trashed everything except Goldman Sachs.
The WSJ must never admit to reality. It must always represent late-stage capitalism as if it were actually capitalism in its eternal prime.
They made a lot of money and bailed out. As they do.
Wallstreet baby 💪
I hear the phrase “private equity” and I immediately know what went wrong.
anti-trust pls
@@somone1437 Never gonna happen and/or stay in place for long. Ted Roosevelt tried it and it didn't last long.
@@the_gilded_age_phoenix8717actually, anti trust laws broke up some of the largest oil, steel, and railroads companies on earth.
Unfortunately, politicians on both sides are heavily invested in these schemes, and our corporate media is happy to lie on their behalf.
Yup.. just getting rich quick entrapment.. zero values in terms of vision or tech network.. look at Etsy case after PE acquisition.. increase in listing fees and sellers money longer payout. just Dumb and Dumbers!
how was it even their fault? they tried to save the business.
"Private Equity"= loot,steal,destroy repeat
I think before Thai Union took majority ownership, the business was run into the ground by the previous private equity owner. WSJ failed to cover this aspect of Red Lobster decline. When you see a Private Equity firm take over business, break out real estate owned, sell it and provide lease backs to business, its a transaction to remove profits and cash. The business was probably purchased with lots of debt added by private equity firm. So high rents, high debt really sunk this company. The endless shrimp worked for years before without issues.......
A PE firm took control of a failing restaurant company. Their interest rates were so high and penalties even higher. They basically had to millions a month to even break even after debts. It was never going to happen. It's so sad because one chef has his business ruined because of these guys failing to inform him how much money they were losing.
WSJ love PE that's why.
they change any part of the menu or how they cooked/microwaved their food. Half the dining horrors stories I hear about are red lobster. And Darden kicked them out because of the bad reviews and bad food
You're probably right but just to be clear, the endless shrimp used to be only once per week. It was only last year they decided to try it every day.
Considering WSJ blamed poor people for not being essential workers a few minutes later I think you're onto something.
Using endless shrimp as a excuse is embarrassing
Why are people saying that?
It's not embarrassing it was a go to many families enjoyed it endless shrimp just as many other restaurant chains did
I agree it’s embarrassing to say endless shrimp was to blame but I also think it’s embarrassing to go to on Tic Toc and announce I am going to eat 65 shrimp. 😂
Shrimps are overjoyed by hearing this news!
@@franniea It is embarrassing to attempt to use it as an excuse.
Notice how they try to blame higher wages first before going to the real issue: leasing their properties with much higher interest rates. Make no mistake if wages never changed they would still be in trouble. Another company bites the dust.
Or if RATES never changed.
Yeah, God forbid that wages are livable.... It's the New "Gilded Age"...
It's the WSJ, of course they're going to blame labor first.
Leveraged buyout i think it's called. You basically buy a company by borrowing money that is secured against assets of the company you buy - so you don't have to bring much of your own money on the table. Then you pay yourself and your associates big fat salaries (consultancy) while selling even more assets.
Final stage is to find someone dumb enough to buy the company (at what seems a discount, but the company is loaded with debt). You're just won Capitalism, the game where only those with access to cheap capital win.
So many companies have been run into the ground that way. Perhaps something the WSJ could cover in more depth?
@@br1c3ledwhat books are you reading???
Need them
Red Lobster was one of my first jobs and the employees could not stand every time endless shrimp rolled around! It was a nightmare each shift because ppl would walk in with coolers and plastic bags in their purses to dump the shrimp. Just a mess
I can imagine. Just takes a small percentage of low budgets to ruin it for everyone.
@arkansasgreg9976 You look low budget.
Many restaurants offer take out and literally bring boxes to the table. Red lobster is one of the ones that does it as well
And how exactly was that affecting you? Were you cleaning the shrimp up out of those plastic bags or something? Or just upset about having to tell them not to do it.. or what?
Smh
@user-jk5dy3wc9d So… what you’re saying is you’ve never got a to-go box at the end of your meal/ to place the food you didn’t finish in..?
Y’all trying to fit in and act so outraged is just.. stupid.
@@AmberColeman-gq1wn you don’t get Togo boxes when you have an all you can eat. Which is why they were lining their purses with plastic bags. Why would that not be annoying when you dropping shrimp off every 5 mins for 3 hours straight.
Anyone who's ever done the "endless shrimp" figured that scam out pretty quick...as they space the timing out longer and longer and longer in-between asking if you want more shrimp.
Only bored idiots are going to sit in a Red Lobster for like 4-5 hours just for some dumb shrimp. Unfortunately for Red Lobster it turns out there's TONS of bored idiots out there.
I never had a problem and the server returned within 5 minutes, even before I was finished with the shrimp I started with to ask if I needed any more.
Like that lady who ate all those 48 oysters.
@@joefaller4525 Yes, as they are giving you the first order they ask if you want more, they bring you the second order and 5 minutes later ask if you want more....and then the times get spaced further and further and further out. They are counting on most people giving up after the 3rd order. Too bad they took a huge financial loss on the concept anyways and are basically bankrupt at this point because of "endless shrimp", because of what I already said. Even the CEO or whoever mentioned this in their earnings call not too long ago. They took a massive hit because of endless shrimp.
@@jdkgcp Well, that's about 60-70 shrimp. 7 selections X 9-10
Never underestimate the power of the normies.
The red lobsters I’ve been to recently are always so empty feeling compared to 10 years ago
i wanted blue ones, they never had any.
@@meisterlymanu5214 Surprise, surprise - 1 in 2 million chance...
ive been twice since 2020 and its like a ghost town. Used to be packed and now the servers will barely tell you about the specials or menu. Sad times
I thought I was the only one, I went to one and god, the parking lot was TRAGIC!
Endless shrimp for the American consumer? What could go wrong? Even the sea only has so much.
Its the same thing in China. People rush the shrimp buffet
I giggled at that, too! The average American is a giant, compared to the average person on earth. If you offered $20 per person & eat all you want fresh, EXPENSIVE SHRIMP, unlimited... of course, you're going to go bankrupt over such a stupid deal.
Anyway, these Thai owners don't seem to understand RISK MANAGEMENT.... in their approach.
Business owners who know how to manage risks .... they KNOW how to price their commodities and a certain commodity being a "hit" with the customers should NEVER be the reason why you, the business, are going out of business!
THAT was the part, of this tragic Red Lobster chain, that got me giggling, as I remember the restaurant from my teen years in the late 1980s....
I also remember the start of IN-N-OUT, a tiny, obscure burger chain... with just one store, that I knew of, in San Diego... around the same time....
Every day, in 2024, you drive by IN-N-OUT, next to the former giant McDonald's and the line at the former is so long... you almost never stop, unless you want to wait for an hour or more, whereas there's ZERO at McDonald's.... again, next door to each other....
I never know how people go into business who just don't see such a contrast, who'd say to themselves: Okay, there is something WAY OFF HERE! Two burger stores, side by side... how come they have 5M cars in-line waiting for some burgers and we have zero here, in our store?
@@kiabtoomlauj6249 It wasn’t the price that got them in trouble. They started offering the promotion as a regular menu item.
… … … … … … … …
Please stop with the ellipses.
@@kiabtoomlauj6249 On a completely different side note; what do those IN N OUT burgers taste like? I live in Canada, I have never had them but Americans seem to really like them.
@@kiabtoomlauj6249 had to include that theyre thai right? not the fact theyre just normal owners who dont know how to manage a business? jfc
They used to be a great place to eat. Then things like microwaved bowls of soup came along and portion size shrunk to half and the endless shrimp was a 30 minute wait to get 3 more. They lost their edge and feel of a nice place to eat. Numerous times I personally sent polite letters asking why their service was so bad. 45 minute to an hour wait for your food once seated was way to long. Especially after waiting an hour for a table. I walked out several times without even getting an order placed. BAD MANAGEMENT means poor employees. Once a manager assured me to sit back down and he'd put his best waitstaff on me and my husband. 45 more minutes later we left without ordering. You get what you deserve.
Their biggest problem was when Darden sold it to private equity they kept the quality the same but jacked up the prices. Sorry red lobster but your seafood doesn’t warrant the prices you’re charging.
You are so correct. Their seafood quality is awful. The last time I ate there the shrimp was frozen and pre breaded. Same quality as seapak frozen shrimp in the grocery store-not great. If I pay that much at a seafood restaurant, I want it fresh otherwise I will just cook it at home. Also, never eat at a seafood restaurant that actually counts the shrimp they put on your plate.
Imagine having restaurants that you own, then a private equity firm comes along and sells them for some quick cash, and you have to pay leases on all your properties. That's a bad deal! No wonder they're hurting. Endless shrimp can only do so much damage.
The real take down here in the comments.
Used to absolutely love Red Lobster. I loved their broiled fisherman’s platter-they got rid of it. Then loved crab fettuccine--got rid of it. Lastly loved seafood stuffed mushrooms--they took the seafood out of them almost entirely, just leaving stuffing. That was the last straw. Never went back. It’s a shame because I would go back if they brought back the stuff everyone loved.
It seems every time I hear private equity buys out a company, they sell off the pieces and sort of raid the company and then it goes bankrupt. Has there ever been a private equity deal that a company benefited from long term?
Not that I know of, but believe me like you said raided ill add the bones of the company get licked clean then they leave the common folks to sus it out
It's like a plague of locusts. Nothing left afterwards.
I used to love red lobster so much but the seafood quality has dramatically dropped since I was a kid and the prices have only gone up
Agreed. I used to love Red Lobster. But, over the years, they became the only seafood restaurant that can't cook seafood. The quality has indeed fallen off the scale.
Ate at a Red Lobster about two months ago. Prices were through the roof and the food was some of the worst that I have eaten at a restaurant.
@@Cap683 Girlfriend and I went there on a date because she had not been there in years. It was the most baffling menu I had ever seen, long wait, and cooked poorly. The waiter was a rockstar and was trying her absolute best, but there was clear problems with the restaurant. We drove by there last night at 8 PM and they were closed.
Not shut down as in out of business, but just closed.
Problem is the quality kept going down but prices kept going up.
I agree. I’ve called them dead lobster for years. Their food sucks.
Prices are going up at every restaurant.
A lot of these struggle restaurants have nasty food that’s poorly prepared . That’s why they stay struggling. A single cook in the hood can have a line around the block because their food is good. These corporations need to take notes.
As an American the overindulgence in overeating is just embarrassing at this point.
The worst is soda, all those calories for virtually nothing, it should be labelled the poison that it is. At least we know alcohol is bad for us and should be drunk in moderation, no such awareness with soda.
Fast food worker starting wage is 20$ an hour in California. That's more than an EMT who save lives and need to take classes before getting hired.
@@bonbonjovi4836No. Don’t put out those kinds of numbers without any context.
Also, no.
Until you learn to put the dollar sign on the correct side of the number, no one should take you seriously.
It’s a sin.
Thank the Lord for Ozempic!
Just stay out of my way at Golden Corral... ;-P
They work with skeleton crews. And portions and quality have shrunk while prices skyrocketed. It's not about expensive shrimp or people not wanting to work
I was just there Saturday. You are right about the portions and price. Service was good. I noticed also some of my favorite dishes are gone.
Most restaurant profit comes from alcohol sales, having your main food entree as a loss-leader without creating the atmosphere and marketing to encourage having a bottle of wine with dinner is colossally stupid
People who go to RL aren't having wine in fact many just get water because for them going out is an indulgence and focus on the meal to cut costs
Not every restraint makes money on alcohol. By that logic, the food industry in the entire middle east/central Asian market would not exist lol. Even in the west, only fancy retjrabts make money on alcohol
Reality is though, who goes to red lobster for anything but the endless shrimp? That was literally the only reason my family ever went there once a year. Are people really going there to drink in the first place? Seems like a family-style chain were mom and dad maybe have one beer and a glass of wine with dinner, while them and the two kids all get endless shrimp
yeah they should have a policy of 1 drink per person
@@olinafan4459: Because for non-drinkers, that would attract SO many customers. /s
I only drink water with meals for health reasons in recent decades, for example.
I remember red lobster used to have good dishes over a decade ago. It used to have over 20 different dishes but it has since reduced to barely 10 dishes. Bland basic dishes with often overcooked shellfish/fish or small portions. Red Lobster is done.
That's hilarious. Why not just end the fiasco? Must be deeper than just endless shrimp...
Yes,agreed
Endless shrimp is a loss leader ,just like BurgerKing’s chicken nuggets, 10 for a dollar,hoping customers will order others to make some profits
Must be deeper cause it is. The real problem are the recent owners.
The solution to the issue is simple:
Endless biscuits 😳
Because it's NOT true. Red Lobster is being dismantled for money. Google "Red Lobster Auctions" or "Red Lobster liquidations".
Worked at RL for 14 years in my youth….every employee HATED when then endless shrimp promo ran. It doesn’t seem very profitable for the company and it really strains the employees.
Did they hate crabby Monday too? I remember going once or twice in Tucson AZ. That was over 20 years ago and until about 6 months ago was the last time I was in a Red Lobster.
14 yrs in your “youth”?? Honey.. you were no longer young if u worked there that long 😂
@@danielbenitez6985 Who would work at red lobster as a youth for 14 years...
Sir, we're losing money on the shrimp!
We'll make it up in volume!
😂😂😂
You'll do something in volume...
Lol😂❤
funny
@@LanguagesWithAndrew😂😂😂
I worked at a red lobster in 1997. It was a busy restaurant but it doesn’t surprise me that they are bound to fail. People are sick of corporate culture. I rarely go to a sit down restaurant anymore. 20 -30 for a plate 10-15 for a couple beers 3-4 for a soft drink. Even without alcohol your still on average at 25-35 bucks for a meal and soda. Add the 6-8 dollar tip and buy the time you factor in transportation cost you might easily be at $50 bucks for one person just to get a ok meal. I’ll pass, corporate culture is out of touch with consumers, just like how we don’t want to pay 50-100k for a vehicle or 400k for a house. I welcome this economic implosion. The sooner it fails is the sooner we can take back are countries from the entities that are fleecing us into new age slavery.
When I hear "private equity" I think: "Oh.. Oh... They will try to add flavored cardboard to the menu".
I remember my Dad and brother competing on who could stack the most empty plates back in 1991
So this is all your FAMILIES' fault! 😳
When my dad used to go to golden corral for all you can eat seafood he used to peel all the breading off. He said that's how they fill you up so you can't eat as much lol😂
@@JohnWilkes-mg8di this why you got to police the food normal humans are just cavemen
That's gross.
who won?
Only good decision they made was selling biscuit mix in stores like Costco.
The boxed mix tastes like garbage. I fell for that. Cheddar bays in a box🤮
we needed an entire video to understand why selling people 20$ all you can eat shrimp is the reason this company is going bankrupt?
You do realize that most of the AUCE options included heavy fat and/or carb saturation, right? Some 10% of people will exploit the deal, but most people simply cannot.
2# of shrimp at a grocery store costs about 15 on a sale week. RL is getting their shrimp way cheaper than the grocery store, no doubt. To boot.
English shrimp had nothing to do with it
I use to love Red Lobster in the 80's, 90's but it's been horrible for many, many years.
Private Equity sold the land from red lobster to another business it owned and jacked up the rent. The bled it dry. Endless shrimp is a way to blame you for a 11 million dollar loss which is nothing in comparison. The company that bought it from Private equity used red lobster to unload its shrimp which it dold to red lobster for overmarket prices.
You are not to blame, shame on the media blaming consumers
Back in the day, it was the place to go for seafood. Last time I went to our local Red Lobster I was shocked at how the place looked and how it was run. "Seedy" is the best word for it. Dirty restaurant, sloppy employees, so-so food. It just went downhill.
Last time I went there, I am pretty sure there was a guy running his drug dealing/pimping business out of a corner booth. You’d see him call a waitress over, and then he’d point at a booth. Then the waitress and guy in the booth would go into the kitchen.
I just remember eating at RL once back in 2009 and as soon as a saw the bill for over $50 for a lobster tail and a few shrimp, i decided in that moment that it was the last time i would ever eat there
50 dollars in 2009? Jesus christ
@@hydropage2855 yeah i think my lobster tail was $30. my friend ordered a shrimp pasta for $20. I dunno how i remember all this. it was that shocking i guess. it was the one in Edmond, OK
Red Lobster: "Endless shrimp is killing us!"
Not-endless Shrimp in the oceans: "Good"
Lol most shrimp are farmed
@@rbk2kproeveryone knows that
You’ve never been out of your cardboard house before?
Farm raised shrimp are massive.
Endless biscuits are the solution! 😳
The quality of the food at RL is also not what it once was. My family used to enjoy going there but we quit because our local restaurant was always unkempt and the food quality was mediocre.
The local large Chinese buffet has endless shrimp, and endless everything for $16, around the same price as a McD's large combo meal. Best part is they have endless crab rangoon!
In the Canadian province of Quebec, all of the Red Lobster’s restaurants have shut down over 30 years ago. People didn’t really appreciate the menu.
Why do you think so?
@@hydropage2855 because there wasn’t enough people visiting the restaurants, they went bankrupt.
Frenchies aren't the typical "fast casul" chain- restaurant sort.
The problem is their products are mainly coming from unregulated wild fishing operations where the populations are being decimated. I was on a small Caribbean island where lobster trapping for Red Lobster was like 50% of the islands employees ( This was in 2018ish). The island had been a major supplier since the early 1980s. The locals were telling me about how much further from the island they were having to go each year. The older people remembered the days when you could go a few hundred meters off shore.. now they are going 5 miles or more.... which makes it much more expensive and risky. The trash boats they use constantly sink in any type of bad weather, and it gets harder and hard to locate the traps that are dropped. One guy told me in the 80s you almost never lost a trap, now they are losing 10% or more each time they go out. While that is a bad expense for them, it also means that 10% of the traps end up being just death for the lobsters inside.
Those shrimps were farmed.
There's actually an over abundance of lobsters currently, fishermen are just not allowed to catch and sell them freely because of regulations. Also the processing plants make the big bucks, they buy seafood at dirt cheap prices because fishermen do not have choices on who to sell to and then resell at 10x the cost.
All of this to feed big, broad backed Americans. Ridiculous.
@@fycfyc1 He’s talking about a different species. They don’t have wild North Atlantic lobster in the Caribbean
ouch!
ENDLESS SHRIMP HAD TO BE THEE WORST DECISION EVER. WE KNOW OF GREED AND SOME WOULD JUST FILL THEIR PLATES WITH POUNDS OF THESE!!
Even in Thailand where Thai Union is based such unlimited seafood deals are priced much higher.
You missed the part where management said that they knew this deal was going to be a "loss leader.." 🤦♂️
@@Hmongboi228 ikr, there are so many stupid people and bots out on this post its crazy
Everything in that restaurant comes frozen off the back of a truck. The servers are all tatted up and pierced. Nasty.
Sounds like a lot of bad management. Management took too many chances...
It seems like such an obviously dumb idea unless you’re charging like $40 a person or something.
Most of the time I go for the endless shrimp, my server will start ignoring me after I've eaten a lot.
Lol 😂
no tip
Helpful hint. Pretip the server at the moment you order. Explain you and your guests will be enjoying yourself & appreciate the service.
After all your server is there to make money so let them know you mean business.
Then tip the bill as well.
This timing & a little extra for the server is well worth it.
@yoholmes273 So bribe them twice to actually do their job. How about nope. Go to management at that point.
@@0bsmith0 It's the management that tells the servers to ignore you. DUH.
It’s not due to endless shrimp it’s due to elevated interest rates 😂😂
Venture capitalist packed too much debt on the company. This is just a lost leader and distraction.
private equity loaded the company with debit. The sprimp was a loss leader and is now being used as distraction.
Investment companies aren't as good either, they asset strip leaving the consumers of the business with the negative effects of greed. Some might say, its capitalism, go find another business for your service if your unhappy. The issue is, the investment firm bought up the smaller firms and competition narrowing choices and in some instances leaving a monopoly.
However, Investment Companies operated properly for long-term benefit rather than short-term gain leave the consumer with better benefits than if a private firm with low capital expenditure were to operate similarly because they can invest in the business heavily.
cheap terrible food+high prices+horrible service=Go out of business. I hope they close every one of them.
"But the sign said all you could eat..."
The Simpsons predicted this in the 90s
Hahaha exactly 😂😂😂
"sir, don't take the steam tray" 😂😂
Arrrr, he is more beast than man.
Thank you for telling about the simpsons, lol, the simpsons predict the future again 😂
"Tis no man. It's a remorseless eating machine"
Private equity bought it and sucked it dry. Sell the assets and leave the debt. Then wonder what happened.
Board: you get a $100 million dollar bonus for increasing sales
CEO: put endless shrimp on the menu, we’ll get more volume sales
@pahini Buffets have endless everything and many stay in business.
Red Lobster just sucks at doing business. The CEO just couldnt attract customers.Had nothing to do with their offers which is more of symptom of declining sales than the cause.
People are just not dining out like they used to .
I just payed $40.00 for brisket sandwhich at the fair not including fries or drink either just sandwhich 😳
Its private equity selling their leases and charging them rent... nothing to do with endless shrimp
Endless shrimp made all the good servers leave. Imagine your average check price being 100$ then dropping to 50$. Every single table was ordering endless shrimp. The amount of work dedicated to running ringing in and delivering 6+ refills of shrimps is ridiculous. Now times that bu 5 tables.
I use to be a waiter here. I had people come in with coolers. They would eat half the shrimp and then but the other half into coolers. Management did nothing when I brought it to their attention. Good Riddance Darden Corp.
blacks...
Really they did that ??? 😂 I would of quit on site.
@@alainportant6412 💀
wow how farking brazen. Usual;ly people bring ziplocks.
People are shameless
WSJ missing the entire plot. Private equity firms killed Red Lobster, not endless shrimp. It is sad that WSJ lost the plot, good thing we have Last Week Tonight.
I'm guessing WSJ is owned by similar private equity so they aren't willing to tell the truth.
In my opinion there's no such thing as 'endless' in regards to food; there's always a limit. Sustainable fishing is vital for the ecosystem.
You are assuming that the shrimp that Red Lobster buys is wild caught and you would be incorrect a huge majority of the shrimp in the US especially in casual restaurants such as Red Lobster are all farm-raised.
It's just a marketing slogan don't read too much into it.
The Red Lobster near me literally has not updated the place since the 80s and that is in a country with nearly one million people.
I don't know why but 'endless' or 'all you can eat' really boosts my inner gluttony. I can't stop eating before I feel sick on those types of restaurants. I never do that in any other types of restaurants but that 'eat it or loose it' situation really channels my inner gluttony.
yep, and you also show up earlier in the shift. it is nothing for me to spend 2 hours on this deal.
you need therapy
are you blubbery.
@@PeterSedesse This is why we cant have nice things.
Gluttony 1 of the 7 deadly sins. I can't even watch the gut stuffers without wanting to puke.
The difference in commercials of the 80’s and today is striking.
Whats wrong with going to grocery store, buying food and preparing it at home? People have gotten really lazy.
Yep
Does the grocery store have endless shrimp?
@@donkeysaurusrex7881 lol as long as you buy enough and cook it yourself
As of 5:20 2024 we now know that it was a greedy hedge fund that destroyed Red lobster not endless shrimp
I’ve dined forever in Red Lobster and never ever had endless shrimp. So I don’t think that is the problem…
When I was a kid, my parents knew I loved lobster, so on my birthday we would go to red lobster and load up on lobster and other seafood items. I hadn't been there in 25 years, and took a date out to Red Lobster back in 2020. It went from being maybe too fancy as we just started dating, to dealing with poor quality everything from there. It was comparable to buying frozen dinners, heating them up and serving it to people.
I go to Red Lobster by myself and abuse the endless shrimp. I usually buy 2 drinks and always tip at least 20 dollars or 50 percent of the bill, whatever is greater.. I try to make it as easy as possible for my server/bartender, but I know it's still annoying (they don't mind when they get the tip). However, by the time I leave, I've easily eaten 3 times as much food as I paid for. The amount of extra staff required to deal with the promotion can't help either. No, I'm not terribly overweight (5'10" 200ish). I usually fast for a full day or two before I stuff my face at Red Lobster.
I"m guessing you're taking laxatives afterwords
you missed that the quality dropped when thai union bought it, people said the food was just not as good, so people stopped going there
Any restaurant that does an all-you-eat special clearly doesn’t know how much Americans can eat in a short amount of time. Some people be like locusts, y’all.
I don't believe the "Endless Shrimp" excuse! I went there for it last year, for $20. & when I went back,
I was told that it's now $27.00! I go to a Chinese Buffet every week & they serve "endless'" shrimp,
both fresh & fried, unlimited on their buffet table! If they can do it, so could "Red Lobster"! p.s. The
other members of my "Red Lobster" party had fried fish & it was not good or worth the price!
In the 1990's we did a lot of traveling. across the country. We would stop at Red Lobster once and a while. My husband thought it would be ok since were on the road and trying to hurry, not to mention the dress standard was casual. No matter what time of day or night the wait was long even though there wasn't always that many customers and tables were open. Half hour to be seated, ten minutes to get a menu, 15-20+ minutes to order, 10 minutes to get drinks, 45 minutes to an hour to be served. By that time, we're all very hungry, the kids were tired, and the food was cold and rubbery. It didn't matter which city, what time of day it was all the same, poor service and really bad food. After many attempts (not my idea, I gave up on Red Lobster after 5 tries) we gave up on them and have never been back.
I worked for a company that did the exact same thing they were sold to a private equity firm. They took loans out to buy themselves essentially loaded themselves up with that, and eventually could not afford the interest rates on these loans plus they kept taking out cash and buying more companies.
endless shrimp is stupid, they bring you 8 tiny shrimp at a time. You will get bored of their BS and leave before you get full. You can get more shrimp at the grocery store for $10 and cook it yourself lol.
Red Lobster had $2.3 BILLION in 2021...shrimp didn't cost them BILLIONS - GET REAL
Imagine that, selling products at a loss being a poor business model!
Sell the very land your business is on so you have to rent it. Absolutely beyond stupid.
Guess they should have called it "Endless Rent"
they increased the price by 5 bucks and that's supposed to fix the problem?
such a thought-provoking video, sparked a lot of ideas for me!
When you find yourself in a hole the first thing to do is stop digging.
ahhh.....good old, Cowboy Logic
I can't believe Red Lobster even had that promotion after the HUGE losses in the early 2000's when they had the Endless Crab. Resulted in the company president being fired.
Better charge for them biscuits. But red lobsters was popping in the 90s.
Like Toys R Us in the 80’s
@@MrJwyne yep. Esp 90s.
Remember when peoples called lobster the cockroach of the sea?
Do you remember when peopels called CEOs the cockroach of capitalism? No? Okay, fine, I made that up just now, but next time you'll be prepared...
Not in your lifetime. Yeah it used to be fed to prisoners in the northeast in the early 1900s.
And when hot dogs were poor food.
@@chesthairascot3743 Prepared for what?
No because that time when lobster was viewed as a lower class food was like 120 plus years ago.
Not to mention the quality of the food has decreased. I haven't been there in many years because it just wasn't good anymore. Red Lobster used to be the destination and now in my friend group, it's not even an afterthought.
They under estimated American's gluttony.... huge mistake.
Just guessing but prolly the period when it went from red to black lobster
Popcorn shrimp wit the vinegar was my go to dish at RedLobster
Seems like the top executives are NOT familiar with the American culture of excess in everything. When they promoted an all you can eat deal, they were not expecting that many people to eat so much. Cultural differences and lack of understanding of their customer base in this social media era killed them.
The shrimp society is celebrating right now 😮😂
Endless shrimp is a joke anyway, for most people you're better off to buy the any three platter unless you intend to be there for 2-3 hours. The last time we went it was probably a 15 minute wait per refill and each refill has 4-6 shrimp. Aside from that they're hemorrhaging money because it's far overpriced for the quality of the food. There are far better options that are both better in quality and lower in price.
Makes you wonder how Olive garden has been doing unlimited soup and salad for decades
Soup and salad is much cheaper than shrimp
You should go back to school if you’re wondering about that.
Let's be real nobody goes to olive garden for that
Soup and salad😂 garbage it’s so cheap🎉
and bread sticks.
False information. It was not becsuse of endless shrimp. It was mismanagement and executive salary greed.
I once ate 120 garlic butter shrimp in one sitting at their Endless Shrimp event. Now this was nearly 20 years ago, and it was in a Canadian Red Lobster, but I can’t help but feel guilty for ruining the business. 🍤
120... Are you a competitive eater?
@@HermannTheGreat just an average american
doubt
And then people get fat and start complaining about fat-shaming
@@HermannTheGreat nah, just a young guy taking advantage of the promotion. I didn’t eat anything else: none of the pasta, the famous biscuits, or any of the breaded options. Plus it was over the course of an hour, so I wasn’t rushing.
I worked at red lobster on Long Island in the 80s. Wonderful time. They used to have all you can eat crab legs. The seafood back then was much more cheaper of course.. also a place called beef steak Charlie’s. Which is really just a New York chain back then..
Thought this was an Onion posting 🤣
So how does all the buffets at half the price with all the shrimp options stay in business? How much did the CEO and top executives make?
Too bad. Had a lot of fond memories at red lobster back in the 90's.
Selling and leasing back their own real estate was probably a bad idea. Locations sitting on prime real estate for 5 to 20 years would see those property values increase significantly and would result in unsustainable rent
George, the ocean called. they're running out of shrimp
@@JBN1983 You do not know what I am talking about??
2:23 "The negative is that there can be consequences down the chain." You mean like needing to close locations and potentially go out of business? Those kinds of consequences?
Title gave me the impression lobsters or shrimps were hemorrhaging. Thank God is not them.
Over priced restaurants are going down in flames 🔥
It's funny how in my area the Olive Garden went out of business and a Red Lobster location took over it and from what I see, it's doing very well but that's just one location!
Glad that I did my part.
The broader problem is the impact caused by giving out so much free money which resulted in monetary policy that decimated small and mid caps.
WE still have endless shrimp here in Tulsa Oklahoma it's 25 dollars