A Timeline Of Red Lobster Leading Up To May 2024 Liquidation Of Select Restaurants

The largest seafood chain in the U.S. is now part of the “largest restaurant liquidation ever.”

Red Lobster, which has over 700 locations around the world, has been struggling in recent months. And on Tuesday the extent of the seafood chain’s financial issues became apparent when a facility and equipment liquidation company called TAGeX revealed that it would be auctioning off the equipment and contents of select locations this week.

“People have heard about the closure of select...

ANALYSIS: Canadian Spring Lobster Season Update

Supply

We're currently in the fourth week of Canada's spring fishing season, and by all accounts, fishing activities have been quite successful. Unlike the fall and winter season, weather conditions have been near perfect as robust landings have been reported across all open LFAs (Lobster Fishing Areas). With the start of the Cape Breton season on the horizon (LFA 27,28,29,30) (Wednesday set), we are entering peak availability for raw material. 

Prior to the start of the spring fishing season, net inventories for both the live and frozen markets were at...

More Than a Dozen Additional Temporary Grid Closures Announced for Gulf of St. Lawrence

More temporary grid closures in the Gulf of St. Lawrence are being put in place by Canada’s Department of Fisheries and Oceans (DFO) following the sighting of an entangled North Atlantic right whale (NARW) late last week. 

According to a notice put out by the DFO on Tuesday, fishing is now temporarily prohibited in the following grids beginning May 16, 2024 at 5:00 p.m.: GX36, GX37, GX38, GY36, GY37, GY38, GZ35, GZ36, GZ37, GZ38, GZ39, HA35, HA36, HA37, HA38, HA39,...

17 Industry Groups Ask Congress to Fund North Pacific Fisheries Surveys at No Less Than $15M

A letter from 17 industry leaders to Senators Patty Murray of Washington and Lisa Murkowski of Alaska urged Congress to “prioritize immediate and long-term funding” for the annual surveys of core commercial fisheries populations in the North Pacific done by the Alaska Fisheries Science Center (AFSC). 

The May 10 letter was based on an earlier letter from the Freezer Longline Coalition (FLC), a trade association representing the owners of 19 longline vessels that target Pacific cod, urging the...

Red Lobster Abruptly Closes 48 Restaurants, As Revealed By Equipment Liquidation Company 

In a surprising twist of events, 48 Red Lobster restaurants have closed — some reportedly without notice to their employees.

Red Lobster’s financial woes have been well documented over the recent months. But this week a facility and equipment liquidation company called TAGeX shocked everyone when it revealed that select Red Lobster locations have closed and that they are auctioning off the entire contents of these restaurants. 

TAGeX has a total of 48 Red Lobster locations listed on their website, but text on the page also states they are “auctioning off 50+ locations across the country.”

Legislative Task Force Created to Evaluate Alaska's Seafood Industry

On Sunday the Alaska Legislature signed off on a resolution to create a task force for the next 9 months that will, in partnership with the industry, find solutions to the problems faced by the state’s commercial fishing industry.

Only one state legislator voted against the legislation in the House; the Senate approved it unanimously. 

The resolution will be sent to Governor Mike Dunleavy for his signature this week. Unless Dunleavy calls a special session, the Alaska Legislature will adjourn the session this Wednesday, May 15. 

“The depth of the crisis ...

Japan’s Consumer Food Price Index: Seafood Prices Soar By 25.7% in 2023

Sony Assurance Inc. has recently conducted a comprehensive review of the price increases across various sectors and items, with a particular focus on the Consumer Price Index published by Japan's Ministry of Internal Affairs and Communications. Notably, the food sector experienced a substantial price surge, with seafood prices in 2023 soaring by 25.7% compared to 2020. This increase surpassed even the 25.3% hike in fire insurance prices, as reported by Minato Shimbun.

According to the "2020  Base Consumer Price Index Nationwide 2023 Average" released...

The Winding Glass: What the Decline of Red Lobster Means for the U.S. Seafood Industry

The possible bankruptcy of Red Lobster is a watershed moment for the seafood industry.

Last month Bloomberg reported that Red Lobster may file for bankruptcy. This follows the announcement in January that Thai Union was ending its losing investment in Red Lobster and taking a $530 million write down.

A Red Lobster bankruptcy and restructuring would be a watershed event. Red Lobster used to be a colossus. During its heyday of rapid expansion and increasing sales in...

ANALYSIS: Strong Demand and Sporadic Landings Lead to High Prices to Start the Spring King Season

Spring troll season for king (Chinook) salmon is in full swing, with landings reported from various regions. However, the market is facing challenges in maintaining steady pricing and supply. Product is coming in from Neah Bay, the Columbia River, as well as the Coast of Oregon. Additionally Southeast Alaska and Yakutat recently commenced with landings for weeks 18 and 19 hovering around 400 fish each, according to Alaska Department of Fish and Game, as of...

USDA Grants Emergency Assistance To Louisiana’s Crawfish Aquaculture Industry

Louisiana’s crawfish aquaculture industry received a win this month when the United States Department of Agriculture (USDA) granted emergency assistance to the industry though the Emergency Livestock Assistance Program (ELAP).

Last year crawfish farmers suffered as a result of excessive heat, with Louisiana State University’s Agriculture Center estimating potential losses of nearly $140 million. Multiple state politicians have used their platforms to call on the USDA to help. And now, that help is coming through ELAP.

For those unfamiliar with ELAP, the program provides financial assistance to...

The Retail Rundown: Memorial Day Promotions; Latest CPI Data

Spring is in the air… and the first inklings of summer are making a reappearance too. Memorial Day is less than two weeks out and grocers are enthusiastically preparing for the official start of the grilling season.

Cookout staples like charcoal, outdoor serving ware, grilling cuts, and all things barbeque are migrating toward the front page of circulars, bringing increased visibility to the meat case, deli counter, and prepared foods sections of the store. 

In the week leading up to Memorial Day weekend last year, 78-84% lean ground beef was...

Hokkaido Spring Herring Landings Record 6540 Tons for the First Time Since 1996

According to a report in the Suisan Keizai Shimbun, the herring landings along the Sea of Japan coast of Hokkaido, a preliminary report published by the Hokkaido Fisheries and Forestry Department, was 6,540 tons as of the end of April. This is an increase of 36% compared to the same period last year. The figure broke the record for the highest volume in a season (5,608 tons in 2022) since 1996, when the resource enhancement project (seedling releasing) began, and exceeded 6,000 tons for the first time...

First Temporary Grid Closures Announced in Gulf of St. Lawrence Following Sighting of Entangled NARW

Fisheries and Oceans Canada (DFO) released its first temporary prohibited grid closures on Monday, days after an entangled North Atlantic right whale (NARW) was spotted in the Gulf of St. Lawrence.

The entangled NARW, identified as an adult female named Shelagh, was spotted via routine aerial surveillance on Friday. The DFO said at the time that its marine mammal response program was monitoring the situation in an effort to “determine response options with our partners.”

“If the whale is located again, and weather and...

Atlantic Sapphire Appoints Former Cermaq Chile Managing Director as New CEO

Atlantic Sapphire has found its new CEO in Pedro Courard, a former Managing Director of Cermaq Chile. Courard is set to replace founder Johan Andreassen, who had informed the Board of Directors in October 2023 of his decision to step down as CEO. 

Courard spent the past four years at Cermaq Chile, joining the company in August 2019 as Director of Production before getting promoted in March 2022 to Managing Director. Prior to joining Cermaq Chile, he held positions with Multi X and Ocea Chile (Scale)...

Trader Joe’s Introduces 3 New Seafood Products, Including RTE Salmon Item

Trader Joe’s is constantly introducing new items to their shelves. And this month, three of their new products just so happen to be seafood-related.

The grocer’s refrigerated section has plenty of ready-to-eat (RTE) options, and the latest addition to that lineup involves salmon. Trader Joe’s is encouraging customers to “shake up” a classic with their new Caesar Salad with Salmon. This RTE offering features romaine lettuce and kale blend with grilled salmon, parmesan crisps and romano Caesar dressing...

PODCAST: USDA's Open Purchase Request for Alaska Pollock; Red Lobster's Fate and More

Seafoodnews Podcast hosts Amanda Buckle and Lorin Castiglione are reunited and it feels so good! Listen in as Amanda and Lorin talk about some of the biggest stories of the week, from USDA open purchase requests for pollock and more, to an update on the fate of Red Lobster.

Plus, Amanda reveals that she's returning to the stage as MC for the annual Genuine Alaska Pollock Producers meeting... and Lorin volunteers to wear the Dutch mascot costume!

Oregon Department of Fish and Wildlife Gets New Director After Curt Melcher's Retirement

The Oregon Fish and Wildlife Commission on Friday selected an agency veteran to lead the Oregon Department of Fish and Wildlife into the future.

The Commission voted unanimously to select Dr. Debbie Colbert as the new ODFW Director.

Colbert is the first woman to ever be appointed to the permanent ODFW Director position in the agency’s long history. The first state Fish Commission was legally recognized in 1887 and a combined fish and game agency has existed in Oregon since 1893.

Colbert will now lead ...