REPORT: Red Lobster Considering Filing For Chapter 11 Bankruptcy

Bloomberg reports that Red Lobster is considering filing for Chapter 11 bankruptcy. According to the outlet, sources close to the situation say that the seafood restaurant chain is looking to restructure its debt.

Red Lobster’s financial troubles have been well documented — most recently with the “successful” Endless Shrimp promotion, which resulted in the chain losing millions of dollars. In November Red Lobster posted an operating loss of more than $11 million in Q3, calling the Endless Shrimp offering a “key factor” in the loss...

Thai Union Provides Update on Red Lobster in Q4 Results Amid Exit From Seafood Chain

Thai Union released its Q4 2023 results, shedding more light on the seafood giant’s decision to sell its stake in Red Lobster.

As SeafoodNews reported last month, Thai Union confirmed that they intend to “pursue an exit of its minority investment in Red Lobster.”

“The combination of COVID-19 pandemic, sustained industry headwinds, higher interest rates and rising material and labor costs have impacted Red Lobster, resulting in prolonged negative financial contributions to Thai Union and its shareholders,” Thai Union CEO Thiraphong Chansiri said...

VIDEO: Thai Union Exits Red Lobster; Snow Crab Price Formula; King Oscar Tinned Salmon

Join SeafoodNews Senior Editor Amanda Buckle and Urner Barry Seafood Market Reporter Josh Bickert as they take a look at the top stories of the week, including Thai Union's decision to exit Red Lobster; the NL snow crab price formula; and King Oscar's new tinned salmon.

This episode of the SeafoodNews Weekly Video is brought to you by Urner Barry’s Reporter Magazine. The winter 2024 edition of Urner Barry's Reporter magazine is the final issue going to print. Don't miss the farewell to our long-running...

Red Lobster Launches New Crispy Salt & Vinegar Shrimp

New year, new flavor for Red Lobster. The seafood chain announced this week that for a limited time guests can enjoy their new crispy Salt & Vinegar Shrimp.

Described as “perfectly crunchy” with a “tangy vinegar twist,” this new offering is available as part of Red Lobster’s Shrimp Your Way deal.

The Shrimp Your Way deal launched in August. Guests who take advantage of the deal can select up to four shrimp dishes served with their choice of any two sides. Original shrimp offerings included the new Crispy Dragon Shrimp...

Thai Union Sales Dip in Q2, Company Sees Recovery Ahead

Seafood giant Thai Union released its second quarter fiscal results, with the company witnessing a drop in revenue by 12.6% year-on-year to THB 34.1 billion ($980 million).

The company credited the dip to “last year’s high baseline, high inventory levels among customers, logistics normalization, and overall softer demand.”

Thai Union said net profit declined 36.7 percent to THB 1.0 billion, mainly because of significant foreign exchange losses and the dilution effect on i-Tail’s net profit.

Thiraphong Chansiri, CEO at Thai Union, said...

Endless Shrimp Promotion is Back at Red Lobster All Day, Every Day

Summer is finally here, but more importantly, so is the Endless Shrimp promotion at Red Lobster.

For shrimp lovers, Endless Shrimp is back with guests able to mix and match their favorite shrimp dishes for $20 that will be available all day, every day.

Here’s how it works. Guests can start by choosing two choices of shrimp and when they are ready, guests will be able to order additional shrimp selections until their cravings are fully satisfied.

Endless Shrimp is accompanied by a choice of...

Red Lobster Rolls Out NEW Benefits to the My Red Lobster Rewards Program

Red Lobster® is making earning rewards more clawsome than ever for seafood-loving guests! Today, Red Lobster announced it is enhancing benefits for My Red Lobster Rewards℠ members, offering exciting new ways to earn points and redeem delicious seafood. The My Red Lobster Rewards℠ program rewards loyal Red Lobster guests with added benefits based on the total number of points accumulated throughout the year. Starting today, Gold and Platinum members will have access to all the current benefits in addition to several new benefits...

Red Lobster Brings Back New Endless Promotion Following Endless Shrimp Loss 

Lobsterfest is back at Red Lobster. And seafood lovers have endless opportunities to get in on the fun. 

Red Lobster’s first-ever nationwide Endless Lobster Experience is officially underway. It’s an opportunity for 150 guests across the U.S. to enjoy all-you-can-eat lobster. The promotion follows last year's one-day-only Endless Lobster Event in New York City. Guests at the Times Square restaurant got to sink their claws into as many 1 ¼ pound Live Maine lobsters as they could handle. 

This year, each winning...

Thai Union Is Exiting Its Minority Investment in Red Lobster. Here’s Why.

Last March reports began to surface that Thai Union was considering exiting from their Red Lobster investment. Thai Union CEO Thiraphong Chansiri was quick to respond, saying that comments made by him were misconstrued. But now, less than a year later, Thai Union says that they do intend to “pursue an exit of its minority investment in Red Lobster.”

“The combination of COVID-19 pandemic, sustained industry headwinds, higher interest rates and rising material and labor costs have impacted Red Lobster, resulting in prolonged negative financial contributions to...

Red Lobster Promotes Horace Dawson to CEO Following Kelli Valade’s 2022 Departure

Red Lobster officially has a new CEO. The seafood chain announced this week that they have promoted Horace Dawson to Chief Executive Officer.

Dawson has been with Red Lobster since 2014, serving as Executive Vice President and General Counsel, where he was responsible for legal affairs, communications, risk management, and government relations. Prior to joining Red Lobster he worked for Darden Restaurants, first as Senior Associate General Counsel when he was hired in 2003, and later being promoted to VP, Division General Counsel. Over the years...

Former Red Lobster Director Sidney Azambuja Joins Cooke-Owned Slade Gorton

Seafood veteran Sidney Azambuja has joined Slade Gorton.

Azambuja spent the last nine years with Red Lobster, serving as their Director of Strategic Sourcing. He left the seafood chain at the end of May. Now, IntraFish reports that he’ll be Slade Gorton’s senior director of strategic sourcing and procurement. 

“We are thrilled to have someone of Sidney’s caliber and experience join our talented and growing team,” Slade Gorton CEO Kim Gorton told IntraFish.

Azambuja is not the only Red Lobster employee to recently...

Red Lobster Brings Back Crabfest After 4 Years

It’s been four long years…. But Crabfest is finally back at Red Lobster! 

Of course Crabfest this year is a little different than prior years. When Red Lobster celebrated in 2018 the menu included options like Jumbo Snow, Dungeness Crab and King crab. King crab is no longer an option due to the Alaska fishery being closed for the past two years and the ban on Russian imports. As a result, this year the popular seafood chain is only offering Snow crab or Bairdi (while supplies last)...

Thai Union Profits Take a Hit but Red Lobster Turnaround Showing Progress

Thai Union released its first quarter results, which showed a dip in both sales and profits, but the company did see a notable improvement in its Red Lobster business as the turnaround plan for the U.S.-based seafood chain seems to be working.

Thai Union reported a first-quarter net profit of THB 1 billion (US$29.4 million), a 41.5% decrease from THB 1.7 billion during Q1 2022. The company also recorded first-quarter sales of THB 32.7 billion, a 10.0-percent decrease compared to last year...