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submitted 1 year ago by [email protected] to c/[email protected]

catastrophically underestimating the cost of a poorly thought-out deal on cheap shellfish

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[-] [email protected] 38 points 1 year ago* (last edited 1 year ago)

Very funny story, tl;dr

  • Red Lobster are $1B billion in debt

  • The previous owner sold land that the restaurants sit on to the new owner who then and leased it back to Red Lobster at massive increases

  • Thai Union became the only Red Lobster shrimp vendor, overcharging for shrimp and skipping quality reviews (Thai Union has written off its $500m+ investment)

  • Thai seafood firm Thai Union is an owner in the company and used Endless shrimp to dump its own shrimp supply which cost Red Lobster $11 million

[-] [email protected] 33 points 1 year ago

behind every good news story about a brand going under is the real story about innovative financial crimes committed by a venture capital firm that is something of an artisan at that sort of thing.

this post was submitted on 21 May 2024
93 points (100.0% liked)

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