Posted on 11/28/2023 6:30:58 PM PST by End Times Sentinel
Red Lobster faced a staggering $11 million loss in the third quarter of 2023 - which the company's CFO is blaming on the restaurant's all you can eat shrimp deal.
Financial reports from the third quarter - running from July 1 through September 30 - showed the iconic American seafood restaurant's drastic downfall.
Red Lobster wanted to lure more customers in after facing a significant financial loss of $5.4 million in the second quarter - but they massively fumbled their plans by offering an 'all you can eat' promotion that was a bit too generous.
The 'Endless Shrimp' offer was initially a special - but in June it claimed a permanent spot on the Red Lobster menu, and for just $20 diners could indulge in as much of the shellfish as they could stomach.
Foot traffic at the chain restaurant increased by four percent after the deal popped up as a permanent offer in June.
(Excerpt) Read more at dailymail.co.uk ...
oh hell yeah...
After about our fourth serving of shrimps - the waitress was beginning to give us the stink-eye - my brother leans back in his seat, pats the now rounded contours of his belly contentedly, and remarks to the waitress, "I don't think that I could eat another all-you-can-eat shrimp..." Pauses, studies the menu for a second, and continues, "So, what about this all-you-can-eat baby ribs offer?"
Regards,
$20 isn’t a lot of shrimp. It’s easy to eat more than that.
So when the all you can eat shrimp deal was just a short term special did not the CFO check the numbers before the clown show at corporate rolled it into a regular menu item? Some serious incompetence at the top. Darden knew what they were doing when they sold the Red Lobster off. It’s now owned by some Thai company.
You can barbecue it, boil it, broil it, bake it, saute it. Dey’s uh, shrimp-kabobs, shrimp creole, shrimp gumbo. Pan fried, deep fried, stir-fried. There’s pineapple shrimp, lemon shrimp, coconut shrimp, pepper shrimp, shrimp soup, shrimp stew, shrimp salad, shrimp and potatoes, shrimp burger, shrimp sandwich.
“$20 isn’t a lot of shrimp. It’s easy to eat more than that”
Red Lobster buys more than 30 million pounds of shrimp a year. They sell medium size 36-40 per pound shrimp. Wholesale on that size is $4 or less per pound. So $20 is a lot of shrimp at the wholesale level.
Of course the meal comes with more than just shrimp. I suspect a lot of the issue is overhead. Maybe more staff in the kitchen keeping up with all the shrimp moving through. And the biggie is the gluttonous slobs are making marathon sessions out of the all you can eat deal, turnover of tables certainly goes down.
The same demographic has ruined many places and that’s why I associate within my own demographic when I choose to associate.
“It looks like the one on the left is giving me the finger.”
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Or is very happy to see you. ;-)
I’ve ordered that. Pretty good.
That is hilarious!
I like shrimp, but I haven’t been to Dead Lobster in about 30 years. Every time I ever went to one, the food was so-so at best and the service sucked.
In any case, I don’t do all-you-can-eat meals anymore. I can’t eat like I could 40 or 50 years ago, and overeating has worse effects than it used to.
Bill Darden never offered all you can eat shrimp at his Green Frog Restaurant in Waycross, Ga. Ate there many times back in the 70s. Great seafood platters. I don’t think he would have done it this.
lmao
I remember back in 2003, Red Lobster lost $3 million when the had all you can eat crab legs. The CEO was canned over that.
Endless collard greens and chitlins.
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I could go for endless biscuits and sausage gravy myself.
Sadly, I worked my way through six years of college for gratuities.
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When my son was 16 years old (1990) he worked Sat, and Sun. nights at a busy Steak and Shake as a waiter. Personable and outgoing, he regularly raked in $200 to $250 per weekend, plus a pittance in hourly wages.
$11 million for a large chain? That’s practically breaking even.
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