+ WilliamM Posted May 24 Share Posted May 24 14 hours ago, samhexum said: To be fair, you probably weren't looking for them. Well, I went to St Petersburg during the "white nights" so I had plenty of time to look around Link to comment Share on other sites More sharing options...
+ Vegas_Millennial Posted May 24 Share Posted May 24 6 hours ago, mike carey said: The end of the Cold War perhaps? Thank you, I fixed in my original. mike carey 1 Link to comment Share on other sites More sharing options...
samhexum Posted May 24 Share Posted May 24 4 hours ago, WilliamM said: Well, I went to St Petersburg during the "white nights" so I had plenty of time to look around I was there just days before the name was changed from Leningrad + WilliamM 1 Link to comment Share on other sites More sharing options...
+ azdr0710 Posted May 24 Share Posted May 24 How private equity rolled Red Lobster WWW.NBCNEWS.COM When a private-equity firm bought the iconic seafood chain in 2014, it sold the real estate under the restaurants for $1.5 billion. Then the restaurants struggled to pay... marylander1940, samhexum and pubic_assistance 3 Link to comment Share on other sites More sharing options...
samhexum Posted June 14 Share Posted June 14 Firm co-founded by Milwaukee Bucks’ billionaire co-owner wants to save Red Lobster from bankruptcy A Wall Street investment firm co-founded by billionaire Milwaukee Bucks co-owner Wesley Edens could swoop in to save Red Lobster from bankruptcy, according to a report. Fortress Investment Group, the $48 billion private equity firm that specializes in rehabilitating distressed businesses, is the most likely company that is expected to take charge of the struggling casual dining chain as it looks to climb out of Chapter 11, according to Bloomberg News. Executives at Fortress, which was founded by Edens, Rob Kauffman and Randal Nardone, are poring over Red Lobster’s books in an attempt to figure out why its restaurants are failing, Bloomberg News reported. Fortress, which already holds a large chunk of Red Lobster’s debt, is also reportedly mapping out a strategy for the restaurant chain’s comeback by identifying which regions and demographics would best support a revival of its popularity. Edens is no longer co-chair of the company. The firm is particularly keen on shedding Red Lobster’s onerous lease agreements that have put a major dent in its bottom line, according to Bloomberg News. Last month, Red Lobster, which previously boasted 550 locations, filed for Chapter 11 bankruptcy protection after it shuttered 93 restaurants. Court filings revealed that the chain is in danger of shutting down an additional 135 restaurants if the company is unable to renegotiate the terms of its leases. The filings list 228 rejected leases that the company has flagged as money-losing propositions if they continue without adjustments, according to Restaurant Business. Edens also co-owns the Bucks, which features superstar Giannis Antetokounmpo. Link to comment Share on other sites More sharing options...
Ali Gator Posted June 15 Share Posted June 15 "Executives at Fortress, which was founded by Edens, Rob Kauffman and Randal Nardone, are poring over Red Lobster’s books in an attempt to figure out why its restaurants are failing, Bloomberg News reported." 'All-you-can-eat-shrimp-for-$20' is why they failed. No restaurant chain can sustain that kind of promo and stay profitable. None. marylander1940 1 Link to comment Share on other sites More sharing options...
pubic_assistance Posted June 17 Share Posted June 17 On 6/15/2024 at 2:43 PM, Ali Gator said: All-you-can-eat-shrimp-for-$20' is why they failed. Read the article posted by @azdr0710. It's another example of private equity firms going in, raping the shit out of a company and leaving it for dead. These people have no ethics and don't give a damn about the hundreds of employees they leave in the dust and the thousands of loyal customers they disappoint when they destroy a company with predatory financial schemes. ApexNomad, thomas, marylander1940 and 3 others 4 2 Link to comment Share on other sites More sharing options...
Ali Gator Posted June 17 Share Posted June 17 20 hours ago, pubic_assistance said: Read the article posted by @azdr0710. It's another example of private equity firms going in, raping the shit out of a company and leaving it for dead. These people have no ethics and don't give a damn about the hundreds of employees they leave in the dust and the thousands of loyal customers they disappoint when they destroy a company with predatory financial schemes. Oh, I know. As a former small business owner (in the retail industry) I have seen this happen millions of time with profitable companies I dealt with over the years. It was horrible for all involved. I believe the $20 shrimp promotion was the final nail in the coffin - it was an unsustainable promotion which a blind man could see. pubic_assistance and marylander1940 2 Link to comment Share on other sites More sharing options...
edinbrooklyn Posted June 25 Share Posted June 25 On 12/17/2023 at 8:18 AM, Pensant said: The notion of Red Lobster and gay amuses me. Outback seems a bit more appropriate. Luv2play and thomas 2 Link to comment Share on other sites More sharing options...
samhexum Posted August 26 Share Posted August 26 Roughly two dozen more Red Lobster locations are scheduled to close within the coming days as part of the seafood restaurant chain’s ongoing bankruptcy proceedings. A recent court filing shows that the company is rejecting the leases of an additional 23 locations by Saturday, August 31, joining the more than 100 restaurants that Red Lobster closed earlier this summer. Once complete, the chain will have around 500 outlets left — a sharp decline from the 650 it had just last year. Red Lobster is in the process of selling itself to Fortress Credit Corp., a lender experienced in restaurant management that also owns Krystal, Logan’s Roadhouse and J. Alexander’s. The firm recently gave the seafood chain a $100 million loan to allow it stay afloat. On Monday, Fortress announced that it will install the former chief executive of P.F. Chang’s, Damola Adamolekun, as Red Lobster’s new CEO once the chain exits bankruptcy proceedings. Adamolekun left the Chinese food restaurant chain in August 2023 following a four-year stint. Mismanagement, competition, inflation and other factors brought down Red Lobster, which has been a pioneer in the restaurant industry. Thai Union, a global seafood supplier, became Red Lobster’s leading shareholder in 2020 and filed for bankruptcy four years later in May. Under Thai Union’s leadership, Red Lobster’s culture turned toxic, former leaders told CNN. Red Lobster cut costs, removed longtime suppliers and implemented strategies that backfired, such as making $20 endless shrimp a permanent menu item. The chain lost $11 million on the endless shrimp deal. The new list of restaurants leases identified to be closed “are likely to continue to drive losses” and the company does “not anticipate needing in order to operate their business going forward and can be rejected,” the filing said. Here are the locations Red Lobster plans to close: Arizona -1521 S. Yuma Palms Pkwy., Yuma Arkansas -8407 W. Markham St., Little Rock California -8703 Murray Drive, La Mesa Colorado -4925 N. Academy Blvd., Colorado Springs Florida -326 Miracle Strip Pkwy., Fort Walton Beach -5110 N. 9th Ave., Pensacola -8909 U.S. Highway 19, Port Richey Georgia -6550 Tara Blvd., Jonesboro Illinois -1604 N. State Road 50, Bourbonnais -902 Commons Drive, Geneva -4625 N. Sterling Ave., Peoria Indiana -4353 Franklin St., Michigan City Minnesota -8900 Golden Valley Road, Golden Valley -12515 Elm Creek Blvd. North, Maple Grove Missouri -2381 Maplewood Commons Drive, Maplewood New York -925 Hunts Point Ave., Bronx -750 Upper Glen St., Queensbury North Carolina -304 A Western Blvd., Jacksonville Ohio -17227 Southpark Center, Strongsville South Carolina -1270 Knox Abbott Drive, Cayce Virginia -555 S. Van Dorn St., Alexandria -4415 S. Laburnum Ave., Richmond -709 Independence Blvd., Virginia Beach marylander1940 and pubic_assistance 2 Link to comment Share on other sites More sharing options...
samhexum Posted September 20 Share Posted September 20 (edited) Dear Valued Guests, Today is a great day for Red Lobster! We are happy to announce that Red Lobster has successfully exited its Chapter 11 bankruptcy. Red Lobster is now stronger, more resilient, and ready for a bright new chapter – supported by our loyal guests, dedicated team members, and new ownership who are committed to investing in Red Lobster’s future. We’ve been inspired by the countless stories you’ve shared with us over the past few months of how Red Lobster has been a part of your lives—from celebrating milestone birthdays and anniversaries, to being the place for first dates that turned into lifelong partnerships. We’re excited to create new cherished moments with you as we turn the page to start writing Red Lobster’s next chapter. That chapter begins now. You’ll start to see the positive impact of investments in Red Lobster across each of our 545 restaurants in the USA and Canada. We’re more excited than ever to serve you the high-quality seafood that has made us a beloved family tradition for over 56 years – and to hear how our improvements are making your cherished moments even more special. Red Lobster Source: https://m.em.redlobster.com/nl/jsp/m.jsp Edited September 20 by samhexum To maintain the incredibly high standards I have established here + m_writer, pubic_assistance and + Vegas_Millennial 1 2 Link to comment Share on other sites More sharing options...
mike carey Posted September 20 Share Posted September 20 4 hours ago, samhexum said: Dear Valued Guests, Today is a great day for Red Lobster! We are happy to announce that Red Lobster has successfully exited its Chapter 11 bankruptcy. Red Lobster is now stronger, more resilient, and ready for a bright new chapter – supported by our loyal guests, dedicated team members, and new ownership who are committed to investing in Red Lobster’s future. We’ve been inspired by the countless stories you’ve shared with us over the past few months of how Red Lobster has been a part of your lives—from celebrating milestone birthdays and anniversaries, to being the place for first dates that turned into lifelong partnerships. We’re excited to create new cherished moments with you as we turn the page to start writing Red Lobster’s next chapter. That chapter begins now. You’ll start to see the positive impact of investments in Red Lobster across each of our 545 restaurants in the USA and Canada. We’re more excited than ever to serve you the high-quality seafood that has made us a beloved family tradition for over 56 years – and to hear how our improvements are making your cherished moments even more special. Red Lobster Source: https://m.em.redlobster.com/nl/jsp/m.jsp The survival of civilisation is assured. pubic_assistance, rvwnsd and samhexum 1 2 Link to comment Share on other sites More sharing options...
pubic_assistance Posted September 20 Share Posted September 20 12 hours ago, samhexum said: We’re more excited than ever to serve you the high-quality seafood that has made us a beloved family tradition They are going to serve "high-quality" seafood now? 🤔😉 mike carey, rvwnsd and samhexum 1 2 Link to comment Share on other sites More sharing options...
marylander1940 Posted September 20 Author Share Posted September 20 On 12/16/2023 at 10:08 PM, BSR said: I did the Red Lobster AYCE shrimp recently. It was $27, you have your choice of 6 preparations, 3 at first, more if you ask. The best by far was the crispy dragon shrimp, deep fried shrimp with Thai sweet chili sauce. The regular fried shrimp was good too. The other choices -- skewer, scampi, alfredo, coconut -- were meh. It was worth doing, once at least. Although the location I went to had a lobster tank (with just 3 lonely lobsters in it), pretty sure it's just for show because Red Lobster serves only previously cooked, then frozen & reheated lobster tails. But like @pubic_assistance said, the shrimp is just fine. I never understood the need to deep fry something that is already delicious. Besides the extra added fatty calories... samhexum, + Vegas_Millennial and pubic_assistance 1 2 Link to comment Share on other sites More sharing options...
Act25 Posted September 23 Share Posted September 23 A bit of a long read, but pretty interesting to business geeks like me. Greed, Gluttony and the Crackup of Red Lobster - The New York Times WWW.NYTIMES.COM How missed opportunities, a $1.5 billion real estate deal, all-you-can-eat shrimp and the global pandemic sank the country’s largest seafood chain. pubic_assistance, marylander1940 and + azdr0710 1 2 Link to comment Share on other sites More sharing options...
samhexum Posted October 4 Share Posted October 4 Red Lobster’s new CEO knows he has a lot on his plate. The chain has been rocked by closures to multiple stores and a bankruptcy filing, but Damola Adamolekun is ready to nurse it back to prominence as he takes over as CEO. Adamolekun, 35, said one promotion meant to reel in customers failed when the chain offered $20 endless shrimp as a permanent item on its menu after previously being a limited-time option. Endless shrimp may return at some point down the line, says Adamolekun. If it does, he wants to make sure it doesn’t lead to the kinds of problems it did when it became a permanent menu item. “I never want to say never, but certainly not the way that it was done,” he said. “We won’t have it in a way that’s losing money in that fashion and isn’t managed.” Link to comment Share on other sites More sharing options...
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