Liljagare
Gold Member
Loss of a mediocre icon.
Only been a few times, have never really enjoyed my visits.
But it is a name and trademark tons of people know about!!
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Red Lobster probes "endless shrimp" losses after bankruptcy filing
- Thread starter Liljagare
- Start date
Loss of a mediocre icon.
Only been a few times, have never really enjoyed my visits.
But it is a name and trademark tons of people know about!!
TheInfamousKira
Reseterror Resettler
Looks like it may be time to walk the plank.
I bet most of their staff is pretty red faced over this. Some people just can't swim in the big pool. Weird to see a big name growing up go through such trouble. Pretty cray.
Edit: It seems they've since become anemone of capitalism.
...I'm done now, I swear.
I bet most of their staff is pretty red faced over this. Some people just can't swim in the big pool. Weird to see a big name growing up go through such trouble. Pretty cray.
Edit: It seems they've since become anemone of capitalism.
...I'm done now, I swear.
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StreetsofBeige
Gold Member
Only been there I think twice in my life. And I remember both times it was junk.
Bankruptcy rumours have been around for a while.
What moron would purposely limit suppliers to one company (for what looks like certain products)? You always go multi-sourcing, especially for a giant company like RL making food.
At my company, everything from cardboard boxes, bottles, labels etc... have various options in case something screws up. We also have multiple co-packer companies which gives flexibility, capacity, and they know if they want your business they'll give a good price or else it goes to the other company.
Bankruptcy rumours have been around for a while.
CEO is an idiot. Or must be part of a kickback scam.
What moron would purposely limit suppliers to one company (for what looks like certain products)? You always go multi-sourcing, especially for a giant company like RL making food.
At my company, everything from cardboard boxes, bottles, labels etc... have various options in case something screws up. We also have multiple co-packer companies which gives flexibility, capacity, and they know if they want your business they'll give a good price or else it goes to the other company.
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Nydius
Member
Since we’re sharing personal experience, I agree. Red Lobster is junk. So is Olive Garden.
However, I feel like I have to add a disclaimer to my opinion: Both sides of my family lived in Baltimore with my mom’s side still in Little Italy. Once you’ve become accustomed to Marylander seafood and the family restaurants in Little Italy, any kind of national chain seafood or Italian is junk.
Punished Miku
Member
Exactly.
Meicyn
Gold Member
The buyer was a San Francisco-based private equity firm called Golden Gate Capital. Instead of ponying up the $2.1bn price by itself, it partly funded the deal by selling off most of Red Lobster’s real estate to another company called American Realty Capital Properties, and then having Red Lobster rent its own restaurants back.
Red Lobster had to pay $190M in rent last year alone. When you see that number next to the $294M in accumulated debt they have, a clearer picture starts to emerge.
poppabk
Cheeks Spread for Digital Only Future
When I first moved to the US, I went to a Red Lobster by myself, erroneously thinking it was a fast food place and then committed to getting food because I didnt want to just pull an Abe Simpson. This was before modern cell phones as well so I couldn't just read shit on my phone - just me sat eating a meal all alone.
Burning Blade
Member
Time to bring back Sizzler
How is that possibly legal?
I'll buy you, sell off all your assets to come up with the $$$ to buy you, then saddle you eith the debt I incurred to buy you
Darkmakaimura
Can You Imagine What SureAI Is Going To Do With Garfield?
This sucks because they were pretty good especially their Chesapeake Bay biscuits.
Ownage
Member
Biscuits out for Harambe.
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newtypepilot
Member
welcome to white corporate murica. Many companies got gutted this way, like toys r us.
and also
MrCunningham
Member
Lionel Hutz: "Does this look like a man who has had "All he could eat"?
Yeah, that episode of the Simpsons was the first thing that came to mind.
Also, I was in a neighbouring city here in BC Canada last year around October to basically see a specialist and get a small operation on my hand (it's fine now). And, I was kinda surprised that there is a Toys R Us location still operating.
Kilau
Gold Member
Amazing that after the infamous endless crab disaster 20 years ago they would do another endless promotion expecting better results. The decisions these CEOs make really should be investigated.
The biscuits were the best thing there.
The biscuits were the best thing there.
MrCunningham
Member
Good to know. I have never been to a red Lobster, let alone seen a Red Lobster establishment. So my thoughts on this news are basically...
*shrug*?
newtypepilot
Member
IIRC, the canadian stores were sold to a 3rd party so they were unaffected by the closures.
Chuck Berry
Gold Member
Reminds me of this classic douchey thread
www.neogaf.com
Just had my first four course meal
I feel so wealthy. My parents 24 years of some shit so they decided to take me and my sis out to Red Lobster. It was kind of a surprise, I had just woken up and was about to drink my morning coffee. So we head to Red Lobster and at this point I'm really really hungry. I check the...
Northeastmonk
Gold Member
It’s been a good 10 years since I went to Red Lobster. The only thing I remember is the waitress handing me a bag of biscuits to take to my dorm room. I wasn’t living in a dorm, but I enjoyed the biscuits. I haven’t had a desire to go back there. If you want fresh sea food, your first thought isn’t Red Lobster.
West Texas CEO
GAF's Nicest Lunch Thief
AJUMP23
Gold Member
From you this is a compliment.Terrible, terrible joke:
StreetsofBeige
Gold Member
If you guys wanna see the next bankruptcy coming down the line check out Peloton. Dropping like a rock. Stock down to $3 and change.
They won’t go way soon as they just did some kind of giant $1 billion fundraising at (if I understood it right) 11% interest rate!!! And also stated issuing senior notes worth around $300 million (undisclosed rate).
Absurd.
Just wait for the money to run out.
Trailing 12 months they lost $700 M according to yahoo charts.
They won’t go way soon as they just did some kind of giant $1 billion fundraising at (if I understood it right) 11% interest rate!!! And also stated issuing senior notes worth around $300 million (undisclosed rate).
Absurd.
Just wait for the money to run out.
Trailing 12 months they lost $700 M according to yahoo charts.
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I just don't understand money moving at that level. Who is just sitting around with giant piles of $$$ and thinks a stationary bike company is worth that kinda scratch?
Dural
Member
Yep, Toys r Us still pisses me off. They were a profitable company before they were bought. I can't understand why this is even allowed.
Red Lobster is really only good at the locations near the ocean where you can get fresh seafood. Everywhere else it's pretty bad.
Puscifer
Member
Literally the only loss. Oh and their Cajun Pasta lol
FullMetalx117
Member
Went to a family member's birthday party last weekend - super fancy seafood restaurant in LA. His wife/sister in law spared no expense - pacific ocean views, crazy rich asian wedding going on the side, and they spent close to $4k for the 'experience' or $300/person. Honestly...I thought the food was mid and I was thinking about Red Lobster the entire time.
That's LA in general tbh.
I ,kinda agree, there are only so many ways to cook lobster tail, shrimp, or fish and unless you caught it yourself, it's likely all the same frozen stuff anyway.
What elevates a good seafood restaurant is the wine list.
nush
Gold Member
You need to have it fresh, good quality and well prepared, frozen stuff is rubbery and tasteless. I lived by the sea it was great, anything else NG.
Thaedolus
Gold Member
I’m sure that makes a difference, but man if there’s some smoked salmon on the menu…I will take that 10/10 times.
I only really eat crab or shrimp when they’re in a sushi roll
Liljagare
Gold Member
This was one of their best ideas, and almost all your calories for two days. But dang, they are good.
Red Crayon Aristocrat
Member
The last time I went to one was almost a decade ago in 2014, my parents so woefully disliked it they refused to ever go back, it closed shortly after, so that was the end of that.
I thought it was ok but not amazing, but the word "lobster" alone creates these absurd expectations in people, it's seen as absolute the richest food you can eat, at least among middle class America.
I thought it was ok but not amazing, but the word "lobster" alone creates these absurd expectations in people, it's seen as absolute the richest food you can eat, at least among middle class America.
Agreed. Those kind of leveraged buy out deals aways struck me as high-ranking suits strip mining companies on their way out.
StreetsofBeige
Gold Member
I thought the tweet was someone making up a parody headline for laughs about MSBNC making fun of RL shutting down. I googled it and it's a true article. Wow.
Opinion | Why Red Lobster’s downfall hits differently for Black communities
Red Lobster's hsitory as a favorite of Black diners started with owner Bill Darden's decision to reject Southern tradition and treat all diners equally.
AJUMP23
Gold Member
I am not making it up my man.I thought the tweet was someone making up a parody headline for laughs about MSBNC making fun of RL shutting down. I googled it and it's a true article. Wow.
Opinion | Why Red Lobster’s downfall hits differently for Black communities
Red Lobster's hsitory as a favorite of Black diners started with owner Bill Darden's decision to reject Southern tradition and treat all diners equally.www.yahoo.com
