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The fishy death of Red Lobster

businessinsider.com

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Re: The fishy death of Red Lobster

#21

Post by globular-toast »

loutre wrote: post #2

Watching private equity take over and subsequently destroy businesses is so frustrating! This is a story that comes up again and again and there isn’t yet the overwhelming backlash that’s necessary to stop it. I highly recommend the book “Plunder: private equity’s plan to pillage America” for an extremely cogent overview of the entire situation. https://www.goodreads.com/book/show/62874267

I wouldn't expect anything to change now. This is essentially what we're all doing to Earth: wringing it dry because we know we'll be dead before the oil runs out. People stopped dreaming of something better a long time ago.

Re: The fishy death of Red Lobster

#22

Post by rl3 »

loutre wrote: post #2

Watching private equity take over and subsequently destroy businesses is so frustrating! This is a story that comes up again and again and there isn’t yet the overwhelming backlash that’s necessary to stop it. I highly recommend the book “Plunder: private equity’s plan to pillage America” for an extremely cogent overview of the entire situation. https://www.goodreads.com/book/show/62874267

>Watching private equity take over and subsequently destroy businesses is so frustrating!

I agree. I uh, hope they don't do the same thing to Olive Garden, or Applebee's. That would be tragic..

Re: The fishy death of Red Lobster

#23

Post by autoexec »

dmurray wrote: post #16
loutre wrote: post #2

Watching private equity take over and subsequently destroy businesses is so frustrating! This is a story that comes up again and again and there isn’t yet the overwhelming backlash that’s necessary to stop it. I highly recommend the book “Plunder: private equity’s plan to pillage America” for an extremely cogent overview of the entire situation. https://www.goodreads.com/book/show/62874267

The "private equity kills beloved brand" stories are usually overcooked, as far as I can tell. They usually involve PE taking over firms that were already in financial trouble, which is what made them attractively priced to PE in the first place. The PE firm would also prefer to have a nice profitable business, but if they can't turn it around, they have options like asset stripping or selling the name to a different…

> The "private equity kills beloved brand" stories are usually overcooked, as far as I can tell.

What are some well known examples of "private equity turned troubled brand into wild success" where products become better than ever and consumers couldn't be happier? It seems like all I ever hear are stories where a brand is "rescued" only for it to be butchered for parts in a couple years time.

Re: The fishy death of Red Lobster

#24

Post by dmurray »

autoexec wrote: post #23
dmurray wrote: post #16

Earlier quoted context omitted.

The "private equity kills beloved brand" stories are usually overcooked, as far as I can tell. They usually involve PE taking over firms that were already in financial trouble, which is what made them attractively priced to PE in the first place. The PE firm would also prefer to have a nice profitable business, but if they can't turn it around, they have options like asset stripping or selling the name to a different…

> The "private equity kills beloved brand" stories are usually overcooked, as far as I can tell. What are some well known examples of "private equity turned troubled brand into wild success" where products become better than ever and consumers couldn't be happier? It seems like all I ever hear are stories where a brand is "rescued" only for it to be butchered for parts in a couple years time.

Maybe Dell? Not exactly a consumer darling, but certainly a successful story for a PE LBO.

There was a side plot of "PE partners with charismatic former founder", but the main story was PE cost-cutting, layoffs and loading the company up with debt.

Re: The fishy death of Red Lobster

#25

Post by coldtea »

dmurray wrote: post #16
loutre wrote: post #2

Watching private equity take over and subsequently destroy businesses is so frustrating! This is a story that comes up again and again and there isn’t yet the overwhelming backlash that’s necessary to stop it. I highly recommend the book “Plunder: private equity’s plan to pillage America” for an extremely cogent overview of the entire situation. https://www.goodreads.com/book/show/62874267

The "private equity kills beloved brand" stories are usually overcooked, as far as I can tell. They usually involve PE taking over firms that were already in financial trouble, which is what made them attractively priced to PE in the first place. The PE firm would also prefer to have a nice profitable business, but if they can't turn it around, they have options like asset stripping or selling the name to a different…

>The PE firm would also prefer to have a nice profitable business

Quotation needed. Usually they put no or little effort in this. They want to get their profit by destroying the business, either by breaking it down and selling the parts or by turning it into a shitty consumer-hostile money-grabbing version of its former self

Re: The fishy death of Red Lobster

#26

Post by mindracer »

rwmj wrote: post #17
loutre wrote: post #2

Watching private equity take over and subsequently destroy businesses is so frustrating! This is a story that comes up again and again and there isn’t yet the overwhelming backlash that’s necessary to stop it. I highly recommend the book “Plunder: private equity’s plan to pillage America” for an extremely cogent overview of the entire situation. https://www.goodreads.com/book/show/62874267

They're currently buying up veterinary practices in the UK and turning them into cash cows. This has the effect that pet insurance has gone through the roof, and general vet bills are much higher than they used to be. Pets suffer too if owners can't afford to treat them any longer. ( https://www.theguardian.com/business/2024/mar/12/uk-vet-pric... )

A few years ago my cat needed his teeth cleaned my local vet charged me £125. The same vet, now owned by CVS, is now going to charge £250

Re: The fishy death of Red Lobster

#27

Post by coldtea »

rl3 wrote: post #22
loutre wrote: post #2

Watching private equity take over and subsequently destroy businesses is so frustrating! This is a story that comes up again and again and there isn’t yet the overwhelming backlash that’s necessary to stop it. I highly recommend the book “Plunder: private equity’s plan to pillage America” for an extremely cogent overview of the entire situation. https://www.goodreads.com/book/show/62874267

> Watching private equity take over and subsequently destroy businesses is so frustrating! I agree. I uh, hope they don't do the same thing to Olive Garden, or Applebee's. That would be tragic..

Ah, American classism, where crap like McDonalds is OK, but pissing on Olive Garden and Applebees is a signal for "I'm not working class, I have taste".

Perhaps because the latter are associated with aspirational working class, which is to be mocked.

The upper middle class and higher going to coffee shops and restaurants targeting them and dialing the pretentiousness and crap fusion food and such to 11 is OK though, that's in high taste. And McDonalds is acceptable too, since it's seen as neutral.

Re: The fishy death of Red Lobster

#28

Post by CannisterFlux »

tibbydudeza wrote: post #5

Shrimp - the cockroaches of the ocean. I never eat the stuff including lobster (non allergic) but one time I was relocated to Germany to help ship a new software release (English technical documentation) and was invited to a meal with my colleagues and his family. Out comes a big bowl of shrimp for everybody with the skins and feet and antlers on - think we had a language misunderstanding. Not wanting to offend and s…

For future reference, say you are allergic. It's not like they would have asked for a doctor's note. Oh it was in Germany? They probably would...

Re: The fishy death of Red Lobster

#29

Post by coldtea »

tibbydudeza wrote: post #5

Shrimp - the cockroaches of the ocean. I never eat the stuff including lobster (non allergic) but one time I was relocated to Germany to help ship a new software release (English technical documentation) and was invited to a meal with my colleagues and his family. Out comes a big bowl of shrimp for everybody with the skins and feet and antlers on - think we had a language misunderstanding. Not wanting to offend and s…

>Shrimp - the cockroaches of the ocean

Ah, culinary wisdom based on internet memes and bro quotes: the cockroach of the mind!

>ate a few and back at the hotel you know what happened :)

Reverted to the fast-food baseline?

Re: The fishy death of Red Lobster

#30

Post by MrBuddyCasino »

tibbydudeza wrote: post #5

Shrimp - the cockroaches of the ocean. I never eat the stuff including lobster (non allergic) but one time I was relocated to Germany to help ship a new software release (English technical documentation) and was invited to a meal with my colleagues and his family. Out comes a big bowl of shrimp for everybody with the skins and feet and antlers on - think we had a language misunderstanding. Not wanting to offend and s…

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