Red Lobster eyes bankruptcy option after $11M in losses from endless shrimp
Red Lobster eyes bankruptcy option after $11M in losses from endless shrimp
Red Lobster has a new CEO and is focused on possible restructuring through Chapter 11 bankruptcy, according to Bloomberg.
"Last year, Red Lobster reported $11 million in operating losses following its flubbed 'Ultimate Endless Shrimp' deal, which backfired when it reeled in too many customers after the limited-time promo became a permanent menu fixture last June. The restaurant chain later reported $12.5 million in losses in the fourth quarter of 2023."
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What does 11 million dollars in shrimp look like? Let alone 11 million in losses, how much god damn shrimp is that? Was cocktail sauce calculated into this?
The cost here for shitty frozen shrimp is about $13 for 2lbs of "31-40" (31-40 shrimp per lb); at that cost, averaging 35 shrimp per pound, you could buy approximately 29,615,385 shrimp, which would weigh around 400 tons. I think I did that math right. It's late.
And you know they ain't buying it at the Piggly Wiggly, but at a deep discount they negotiated ages ago with their distributor(s).
Those are Walmart prices, but yeah for sure
Appreciate you. You're causing me and my friends to consider indoor shrimp farming for profit.
Probably don't do that, but if you do, send me some shramp
I'll take two pallets of frozen shrimp please
That'll be $4
(I have tiny pallets)