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Red Lobster Revives Endless Shrimp Two Years After Deal Led to $11M Loss
- randycupertino 6mo agoThey are blaming "endless shrimp" for the recent bankruptcy, but really it was more private equity selling off their assets and making them rent it back: https://www.nbcnews.com/business/consumer/private-equity-rolled-red-lobster-rcna153397 https://www.nbcnews.com/business/consumer/private-equity-rol... > When a private-equity firm bought the iconic seafood chain in 2014, it sold the real estate under the restaurants for $1.5 billion. Then the restaurants struggled to pay the rents.
- cratermoon 6mo agoI wonder how much Golden Gate, or the people running it, had invested in the real estate company that got the properties at below market value. I would not be shocked at all to learn some self-dealing was happening.