No, the Red Lobster insolvency was driven by declining sales and increasing debt, amid some shady corporate shenanigans with their finances. When they filed, they were about $30 million in the hole (even assuming their high valuations for their intangible assets).
Private equity owners (Golden Gate) made them sell off the land they owned, only to lease it back at above market rates. Then sold the chain to its biggest seafood supplier (Thai Union), who used the restaurant as an outlet for their wholesale seafood rather than as a standalone profitable business (which resulted in huge quality drop off and declining sales).
They were headed in the wrong direction, and the $11 million they lost on endless shrimp didn’t make a big difference. It was circling the drain anyway, based on big strategic errors (or just plain old private equity fuckery).
the “bug hate” meme is entirely a product of meat industries worried about people actually embracing alternatives.
I can describe cow and chicken meat with equally disgusting terminology, eating living things in any capacity is objectively weird and gross, we’re just more used to eating some living things over others.
Sooner or later we’re all going to be eating things like cultured meats and processed insects, it’s just a matter of how many people are going to resist and struggle against changes to the way we stay alive.
Endless shrimp destroyed the company. So fuck it, eat the bugs you little pod child, EAT THE BUGS!
No, the Red Lobster insolvency was driven by declining sales and increasing debt, amid some shady corporate shenanigans with their finances. When they filed, they were about $30 million in the hole (even assuming their high valuations for their intangible assets).
Private equity owners (Golden Gate) made them sell off the land they owned, only to lease it back at above market rates. Then sold the chain to its biggest seafood supplier (Thai Union), who used the restaurant as an outlet for their wholesale seafood rather than as a standalone profitable business (which resulted in huge quality drop off and declining sales).
They were headed in the wrong direction, and the $11 million they lost on endless shrimp didn’t make a big difference. It was circling the drain anyway, based on big strategic errors (or just plain old private equity fuckery).
I mean yeah, of course thats very true, but it’s funnier to blame ot on the funny sea bugs.
the “bug hate” meme is entirely a product of meat industries worried about people actually embracing alternatives.
I can describe cow and chicken meat with equally disgusting terminology, eating living things in any capacity is objectively weird and gross, we’re just more used to eating some living things over others.
Sooner or later we’re all going to be eating things like cultured meats and processed insects, it’s just a matter of how many people are going to resist and struggle against changes to the way we stay alive.
Resist change is pretty popular nowadays, at least in the US it is.