Post by Atticus Pizzaballa on May 25, 2024 16:43:34 GMT -5
How a global seafood giant broke Red Lobster
New York
CNN
—
When seafood conglomerate Thai Union Group became Red Lobster’s leading shareholder in 2020, gaining 49% control of the chain, Red Lobster employees were assured Thai Union would not interfere in key decisions.
Thai Union will “not be involved in Red Lobster’s day-to-day operations, including [its] supply chain standards and processes,” according to a document titled “Seafood Supplier Talking Points” viewed by CNN that was approved by top Thai Union and Red Lobster executives.
“We intend to maintain relationships with all current seafood suppliers,” the talking points said.
Those pledges didn’t last.
Endless shrimp was an embarrassment for Red Lobster, spoofed on Comedy Central’s “The Daily Show” and social media. To former Red Lobster employees, it was the latest sign Thai Union was ill-suited to run the chain.
Thai Union announced in January it was divesting from Red Lobster and taking a $530 million loss on its investment. A month later, Thai Union CEO Chansiri said the company was looking to sell the chain.
Red Lobster, he said, “is done [and] over with.”
A Thai Union shrimp peeling plant in 2016. Thai Union is one of the world's largest seafood distributors and was a longtime Red Lobster supplier. Jorge Silva/Reuters
continue reading interesting story
www.cnn.com/2024/05/25/business/red-lobster-bankruptcy-thai-union/index.html
can you imagine standing and peeling shrimp for a 10 hour or longer shrimp!!!!!
New York
CNN
—
When seafood conglomerate Thai Union Group became Red Lobster’s leading shareholder in 2020, gaining 49% control of the chain, Red Lobster employees were assured Thai Union would not interfere in key decisions.
Thai Union will “not be involved in Red Lobster’s day-to-day operations, including [its] supply chain standards and processes,” according to a document titled “Seafood Supplier Talking Points” viewed by CNN that was approved by top Thai Union and Red Lobster executives.
“We intend to maintain relationships with all current seafood suppliers,” the talking points said.
Those pledges didn’t last.
Endless shrimp was an embarrassment for Red Lobster, spoofed on Comedy Central’s “The Daily Show” and social media. To former Red Lobster employees, it was the latest sign Thai Union was ill-suited to run the chain.
Thai Union announced in January it was divesting from Red Lobster and taking a $530 million loss on its investment. A month later, Thai Union CEO Chansiri said the company was looking to sell the chain.
Red Lobster, he said, “is done [and] over with.”
A Thai Union shrimp peeling plant in 2016. Thai Union is one of the world's largest seafood distributors and was a longtime Red Lobster supplier. Jorge Silva/Reuters
continue reading interesting story
www.cnn.com/2024/05/25/business/red-lobster-bankruptcy-thai-union/index.html
can you imagine standing and peeling shrimp for a 10 hour or longer shrimp!!!!!