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Patrick Boyle On Finance
Was Endless Shrimp to Blame for Red Lobster's Bankruptcy?
May 27, 2024
Exploring Red Lobster's bankruptcy due to the infamous endless shrimp deal, leading to an $11 million loss. The investigation into questionable decisions behind the bankruptcy declaration. Comparing Red Lobster's struggles with the meme stock trend and delving into the financial history of the seafood chain.
17:43
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Quick takeaways
- Red Lobster's bankruptcy was influenced by offering an unsustainable 'Endless Shrimp' deal, resulting in significant financial losses.
- The bankruptcy filing indicates that Red Lobster faced financial challenges from multiple sources, including management decisions and changing consumer preferences.
Deep dives
Bankruptcy of Red Lobster
The podcast delves into the bankruptcy of Red Lobster, a fast casual seafood chain, highlighting the consequences of its decision to offer an unlimited shrimp deal at a discounted price. The bankruptcy filing reveals that Red Lobster, owned by Thai Union, faced financial challenges, with declining performance attributed to various factors, including management decisions and changing consumer preferences. The episode explores how the constant influx of shrimp and leasing costs significantly impacted the chain's financial health, leading to a $76 million net loss in fiscal year 2023.
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Discover
highlights
Listen to the best highlights from the podcasts you love and dive into the full episode