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Wall Street Journal restaurant reporter Heather Haddon discusses Red Lobster's financial woes due to a failed shrimp promotion. The episode explores challenges in casual dining, the impact of economic conditions on consumer spending, and the struggles of restaurant chains in attracting customers and staying profitable.
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Quick takeaways
- Red Lobster faced financial hardship due to an unsuccessful unlimited shrimp promo, leading to massive debt.
- Casual dining chains struggle with rising costs and changing consumer preferences, requiring innovation and adaptation to survive.
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Red Lobster's Financial Struggles
Red Lobster finds itself in dire financial straits after a doomed unlimited shrimp promotion led to almost $300 million in debt. The company closed dozens of restaurants and was left with only $30 million in cash, insufficient to sustain its operations. The financial burden stemmed from the promotion's unexpected impact, where customers consumed more shrimp than anticipated, resulting in a significant loss.
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