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re: Red Lobster lists 99 restaurants closures in 28 states
Posted on 5/23/24 at 10:06 am to tigerfan84
Posted on 5/23/24 at 10:06 am to tigerfan84
So the Kangz in the ghetto won't get to dress up in tuxedos and spend seemingly their entire weekly income there every weekend?
0
Posted on 5/23/24 at 11:04 am to deltaland
quote:
But then it reads like the hedge fund leased the land it sold back to the company it now owns? That’s not possible.
sold to seperate entity. (same owners.) Drastically increased rent to drive up the value of the land (higher potential rental income.) Bankrupts the restaurant captures the loss. Will reacquire the land under original fund then sell the land at a profit and minimize their taxes due to a carried capital loss.
Posted on 5/23/24 at 11:07 am to BigGreenTiger
quote:
sold to seperate entity. (same owners.) Drastically increased rent to drive up the value of the land (higher potential rental income.) Bankrupts the restaurant captures the loss. Will reacquire the land under original fund then sell the land at a profit and minimize their taxes due to a carried capital loss.
The OT definitely knows better than these evil Hedge Funds on how to make money
Posted on 5/23/24 at 11:09 am to tigerfan84
The one in Paducah I never eat at survives. Kentucky obesity FTW lol
Posted on 5/23/24 at 11:10 am to Fun Bunch
yea, I don't do it for a living or anything..
Posted on 5/23/24 at 11:12 am to Big Scrub TX
quote:
Confirmed that Golden Gate DID NOT own the real estate - sevearl REITs did.
Good research.
Posted on 5/27/24 at 6:41 am to tigerfan84
Posted on 5/27/24 at 7:10 am to tigerfan84
I have never been to a red lobster in my life. I live in South Louisiana. I refuse to go to a chain seafood restaurant.
Posted on 5/27/24 at 8:48 am to YNWA
That's a real good article
Posted on 5/27/24 at 9:45 am to tigerfan84
IIRC, the one in Jxn, MS has been closed for nearly a year.
I was stationed at Barksdale when the one in Bossier opened, 1991ish?
Call me low rent, but I like the Lobster and Taco Bell.
I was stationed at Barksdale when the one in Bossier opened, 1991ish?
Call me low rent, but I like the Lobster and Taco Bell.
This post was edited on 5/27/24 at 9:58 am
Posted on 5/27/24 at 9:52 am to tigerfan84
It's when they started using Tilapia
Posted on 5/27/24 at 10:08 am to tigerfan84
quote:
Auburn, Alabama
Athens, Georgia
Gainesville, Florida
SEC road trips just won't be the same without those cheddar biscuits.
Posted on 5/27/24 at 10:27 am to deltaland
quote:
It makes no sense. Hedge fund buys the company and sells the land the restaurants are located on. Fine that can happen
But then it reads like the hedge fund leased the land it sold back to the company it now owns? That’s not possible.
It's very possible that Red Lobster, the restaurant business, and Red Lobster, the land management business, were two seperate legal entities controlled by the same umbrella. One arm of Red Lobster (restaurant) could therefore "lease" from the other arm of Red Lobster (land).
Under this scenario the hedge fund came in and sold off one branch of the umbrella and the land that came with it. With that sale came control of the leases, and the new owners jacked up the leases from affordable (realistically, next to nothing, since they were all previously "negotiated" internally) to unaffordable in a hurry.
Posted on 5/27/24 at 10:29 am to Stealth Matrix
From the CNN article, it sounds like their new ownership fricked up the culture and forced the company into an unfavorable (and unprofitable) self-dealing relationship for its seafood.
This post was edited on 5/27/24 at 10:51 am
Posted on 5/27/24 at 10:32 am to udtiger
Precisely. People see these closings as always quality and service related
Posted on 5/27/24 at 10:52 am to jmarto1
quote:
Precisely. People see these closings as always quality and service related
I've never eaten at one, but aside from the snobbish derision on TD (and in pop culture) as to the "mass market" seafood, I've never heard of anyone complaining about the service there.
Posted on 5/27/24 at 11:06 am to udtiger
I don't go there often but I've never had one not do what it said it would do. Let's be honest: White flight is real as RL has become a consistent option in the black community
Posted on 5/27/24 at 11:19 am to tigerfan84
There is a Red Lobster on the waterfront in Ft Walton Beach. I always wonder who comes to the beach and eats at Red Lobster. It’s not on the closure list, so I guess a lot of people eat there.
Posted on 5/27/24 at 11:21 am to 12
White and black trash that have no clue local seafood places actually taste better/fresher.
Posted on 5/27/24 at 1:19 pm to MWP
quote:
What about the one in Monroe? I never see cars there.
I worked there in the early 90's.
I remember back in the glory days of the Airport Lounge this girl was telling me about all of the interesting pilots, movie producers, and varied adventurers she would meet there at the Airport. I didn't break it to her that she was getting passed around by the Red Lobster waitstaff. Play on, player.
quote:
It was literally one of the busiest Red Lobsters in the chain
It's been dead for decades now. I don't see how in the hell they've stayed open with no more than four or five cars there at lunch. I don't pass by as often at dinner but I don't think it's much different.
This post was edited on 5/27/24 at 1:20 pm
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