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Red Lobster is in trouble. Its solution: all-you-can-eat lobster, just months after an endless shrimp promotion led to deep losses that the company is still trying to dig out of.
The sale/leaseback that helped sink Red Lobster involved the July 2014 sale of premium real estate underneath 500 of its stores, which generated $1.5 billion.
Not only were customers consuming more shrimp than Red Lobster could afford to supply, but its turnover rate went down as patrons hogged tables for hours to get the most out of the deal. By the ...
Red Lobster’s new 35-year-old CEO explains what went wrong with ‘endless shrimp’ — calls the chain ‘one of the most important companies’ in American history.
In November 2023, Red Lobster increased the price of its “Ultimate Endless Shrimp” deal to $25, noting that unprecedented demand for the low-cost unlimited deal actually ended up hurting the ...
One of the major blunders made by Red Lobster was its $20 endless shrimp promotion. While the deal made quite the splash with customers, the company suffered millions in operating losses.
In January, Thai Union announced it would end its involvement with Red Lobster after eating a $530m loss on its initial investment, which it blamed on the Covid-19 pandemic and the rise of ...
The Ultimate Endless Shrimp promotion was an original tactic launched in June 2023 to bring in extra customers despite the restaurant ... Red Lobster has been able to fully purchase some of the ...