Red Lobster

Financing

How the once-mighty are falling in casual dining

Restaurant Rewind: Dominance within the full-service sector has shifted appreciably during the last 20 years. Here’s a look at how the balance of power has shifted, humbling two powerhouses in particular.

Financing

Red Lobster has struggled since Darden sold the chain

The Bottom Line: Olive Garden has easily outperformed its former sister chain over the past decade. Now the seafood concept is on the market.

Thai Union, which led an investment group that acquired the casual dining seafood chain in 2020, said that it plans to exit the business.

Owner Thai Union Group said the all-you-can eat shrimp was priced too low, resulting in better traffic but significant losses.

The struggling chain has not had a permanent CEO since last April. Dawson has led its legal department since 2014.

Restaurant Rewind: There could be a preview in the pressure Starboard put on Bloomin' arch-rival Darden Restaurants nine years ago.

The struggling chain will serve all-you-can eat lobster on March 28 as it ramps up its promotional activity.

Restaurant Rewind: The graybeards are planning comebacks. Here’s how they changed the game 60 years ago.

The Bottom Line: Eight years after Darden sold the seafood chain, it is closing locations, talking about a “turnaround” and seeking rent concessions.

The chain said the eight stores were “no longer viable” and were closed as part of a regular review.

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