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Red Lobster Speaks Out on ‘Misunderstood’ Bankruptcy Filing

Published

4 months ago

May 21, 2024

Red Lobster Speaks Out on 'Misunderstood' Bankruptcy Filing

It may be the end of an era for beloved seafood chain Red Lobster, which officially declared bankruptcy on Monday after months of speculation and dozens of abrupt restaurant closures.

Now, the company is speaking out to loyal customers — and investigating the role that its shrimp supplier may have played in its demise.

In a letter posted to social media, Red Lobster thanked customers for their nearly five decades of loyalty and assured the masses that the chain wasn’t going anywhere.

We’re here to celebrate every moment, big or small, with our valued guests. pic.twitter.com/JmAoNGP4a8

— Red Lobster (@redlobster) May 21, 2024

“Bankruptcy is a word that is often misunderstood. Filing for bankruptcy does not mean we are going out of business,” Red Lobster wrote. “In fact, it means just the opposite. It is a legal process that allows us to make changes to our business and our cost structure so that Red Lobster can continue as a stronger company going forward.”

Red Lobster noted that companies including Delta Airlines and Hertz “emerged stronger” after filing for Chapter 11 (Delta in September 2005, Hertz in May 2020) and found ways to bounce back.

“Birthdays, graduations, anniversaries, and yes, weddings. We’ve been here for them all,” the chain penned. “Red Lobster is determined to be there for these moments for generations to come.”

Red Lobster’s downfall was a slow burn, primarily blamed on an $11 million loss in November 2023 due to the chain rollout of an “Endless Shrimp” promotion. The deal offered customers all the shrimp they could eat for $20, and it proved to be a bit too popular.

Last week, it was reported that stores had begun shuttering without warning around the country, with dozens auctioning off all of their furniture and equipment online and some employees claiming they were given no notice ahead of time.

In a filing on Sunday, Red Lobster CEO Jonathan Tibus called out former CEO Paul Kenny and Red Lobster’s seafood supplier and owner, Thai Union, regarding decisions made surrounding the “Endless Shrimp” promotion and that Red Lobster is “currently investigating the circumstances” around the decision to make the promotion permanent instead of limited-time.

“I understand that Thai Union exercised an outsized influence on the Company’s shrimp purchasing,” Tibus wrote. “[Red Lobster is] exploring the impact of the control Thai Union exerted, in concert with Mr. Kenny and other Thai Union-affiliated entities and individuals, and whether actions taken in light of these parties’ varying interests were appropriate and consistent with applicable duties and obligations to Red Lobster.”

Thai Union completed its purchase of Red Lobster in 2020.

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AI Marketing Secrets: 3 Game-Changing GPT-4 Use Cases to Make Money with AI

Published

17 hours ago

September 28, 2024

Entireweb News Bot

AI Marketing Secrets: 3 Game-Changing GPT-4 Use Cases to Make Money with AI

Tackle AI’s toughest questions with Ben Angel, mapping the business terrain for 20 years. Master the AI landscape and reach peak productivity and profits with insights from his latest work, “The Wolf is at The Door — How to Survive and Thrive in an AI-Driven World.” Click here to download your ‘Free AI Success Kit‘ and get your free chapter from his latest book today.

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Kevin O’Leary: I Got an MBA Instead of Following My Passion

Published

2 days ago

September 27, 2024

Entireweb News Bot

Kevin O'Leary: I Got an MBA Instead of Following My Passion

Kevin O’Leary once had a photography lab in his basement.

As a teenager, he did all he could to follow his dreams of becoming a photographer. There was one issue — his father didn’t approve.

“He said you’re not good enough and you’ll starve to death,” O’Leary said in a video posted to X. “He said you should go to college and get a degree and I went on to do an MBA which ended up being a very important tool for me later.”

O’Leary has previously explained why he thinks an MBA, which can cost $231,420 on average for a top 10 program in the U.S., was worth it.

In a 2021 Facebook post, he wrote that the degree gave him “a head start” and taught him “discipline,” turning him from a 20-something with poor study habits to someone who knew how to make money, defend his ideas, and focus on his strengths.

O’Leary graduated from the University of Western Ontario in 1980, which now costs $83,250 per year for domestic students.

Photography still played a key role in his life: After graduating, the first company he started, Special Event Television, was a production company focused on sports entertainment.

“It was my attempt to get back to the thing I loved, which was photography and production, and make money doing it,” O’Leary said in the X video. “There was that science and that art coming together in my life.”

When I first wanted to be a photographer, My dad told me I wasn’t good enough—I’d starve. So, I got an MBA and ended up building and selling a company for $4.2 billion. It all came together—business, creativity, and the drive to win. I wouldn’t change a thing. pic.twitter.com/Xv8ttJFk2V

— Kevin O’Leary aka Mr. Wonderful (@kevinolearytv) September 17, 2024

O’Leary sold the company and then used the proceeds to start SoftKey, which sold education and entertainment software, in 1986. He and his two business partners sold SoftKey to Mattel in 1999 for $4.2 billion.

Looking back, he has no regrets.

“All of that stuff made me what I am today, the good, the bad, and the ugly,” O’Leary said in the video. “And I wouldn’t change a thing.”

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Bernie Madoff’s Niece on Her Mission to Fight Pay Inequities

Published

2 days ago

September 26, 2024

Entireweb News Bot

Bernie Madoff's Niece on Her Mission to Fight Pay Inequities

In this episode of Reclaim + Advance, we’ll hear from Jess Ekstrom. Jess is the founder of Headbands of Hope and Mic Drop Workshop. She also invests in women-owned businesses, is a two-time bestselling author, a top-rated speaker, and a new mom. Jess and her companies have been featured on Today, Good Morning America, 17 magazine, Vanity Fair, Forbes, People, and more importantly, they’ve helped millions of women and girls around the world.

For years Jess Ekstrom avoided speaking about a formative event in her family life — her family getting swindled out of money by her uncle, Bernie Madoff. But on the show, she explains what spurred her to start speaking about formative challenges, and how true optimism isn’t naive.

In this episode, you’ll hear:

How Jess turned a family scandal into fuel for her entrepreneurial journey.
The shocking pay gap revelation that inspired Jess to champion women speakers.
Why simplifying complex ideas is key to connecting with your audience.
How embracing vulnerability can amplify your impact as a speaker and leader.

I’ll share a few of my favorite quotes from my conversation with Jess below:

On Authentic Expertise:

“A lot of [the] time, the thing that you teach to others is the thing that didn’t come naturally to you. It’s the thing that you had to will yourself to learn and to practice.”

The Power of Simplicity:

“I like to simplify the complex for people. We make things too complicated, whether that be entrepreneurship or speaking or writing. I like to make things feel attainable to someone.”

Embracing Struggle in Storytelling:

“No one wants to learn from someone who’s just naturally good at something. Sometimes the greatest lessons that you have to share with others come from your worst moments.”

Click here to listen on your platform of choice, or tune in below.

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