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As a result, Red Lobster reported $11 million in losses in the fiscal third quarter and $12.5 million in losses the following quarter. In January, Thai Union Group announced plans to sell its ...
Since 2020, seafood distributor Thai Union Group, based in Thailand, has been the largest Red Lobster shareholder. Thai Union owns 49% of the company. But Red Lobster has struggled under Thai Union.
As a result, Red Lobster reported $11 million in losses in the fiscal third quarter and $12.5 million in losses the following quarter. In January, Thai Union Group announced plans to sell its ...
Thai Union’s damaging decisions drove the pioneering chain’s fall, according to 13 former Red Lobster executives and senior leaders in various areas of the business as well as analysts.
In May 2024, Red Lobster filed for Chapter 11 bankruptcy protection, announced the closure of at least 99 locations, and Thai Union issued the following statement: “After detailed analysis, we have determined that Red Lobster’s ongoing financial requirements no longer align with our capital allocation priorities and therefore are pursuing ...
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 ...
According to Bloomberg, Red Lobster is considering a Chapter 11 bankruptcy filing in hopes of restructuring its debts. The company has reportedly received advice from law firm King & Spalding and ...
Red Lobster’s major shareholder Thai Union, a Bangkok-based canned seafood company, lost $11 million. “We need to be much more careful,” a Thai Union executive said.