Imagine being the faggot who ran Red Lobster into the ground
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Date: May 21st, 2024 8:51 AM Author: pungent swashbuckling multi-billionaire round eye
no they wouldn't have. that's the point. often these acquisitions are hostile.
the whole PE shell game is essentially fraudulent transfers with extra steps. buy a company with money borrowed against it's assets, sell it off for parts to pay the loans and yourself, and walk away. it would be like if i bought a house, sold off pieces of it, and then defaulted on the mortgage.
there are plenty of laws we could make to stop this practice. but the PE class are a part of the ruling class, so we won't. this is just another aspect of people hollowing out america for personal enrichment.
(http://www.autoadmit.com/thread.php?thread_id=5530906&forum_id=2Reputation#47679181) |
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Date: May 21st, 2024 9:30 AM Author: pungent swashbuckling multi-billionaire round eye
what do you mean "how"? red lobster was profitable in 2014 when golden gate capital acquired it. why do you think they would suddenly have become unprofitable?
why is cheesecake factory still profitable? seems like a similar mid-range dining chain.
the way PE works is that it acquires a company with high interest rate debt leveraged against the company itself. then it sells off the company and increases profitability by reducing quality and raising prices to pay off the debt and enrich the buyers. but over time the consumer realizes what's going on and stops going. it's literally taking profitable businesses, leveraging the company's goodwill to increase profit in the short term, and then jumping ship when the jig is up.
(http://www.autoadmit.com/thread.php?thread_id=5530906&forum_id=2Reputation#47679275) |
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Date: May 21st, 2024 10:45 AM Author: harsh dashing hospital
Oh, what founders!
“ The initial Red Lobster franchise was applauded by diners and critics alike. The restaurant became successful and by 1970 had expanded to three locations in the state, with two more under construction. While the locations were profitable, the company lacked the resources to expand further. As such, Darden sold the company to food giant General Mills that year.[10] After an extended illness, Darden died on March 29, 1994, at the age of 75.[11]
…..
Darden
In 1995, General Mills decided to spin off its restaurant chains to focus on consumer food products. The new company was named Darden Restaurants, after Red Lobster's founder. General Mills stockholders received one share of Darden for every common share of General Mills held. General Mills restaurants had $108 million net income in that year. At the end of 1995, Darden operated 1,250 restaurants in 49 states with 73 locations in Canada.[10]
Darden Restaurants was spun off from General Mills beginning on May 9, 1995, when it began trading on the when-issued basis at $9.75 a share.[16] The company became a fully separate entity on May 31, 1995, when its shares went on sale on the NYSE. The shares opened at $10.75, 17% below expectations, but climbed to $11.125 by the close of trading.[17]
Darden executives planned to have two additional chains in place by 1998. In March 1996, Darden launched a test of a Bahama Breeze Caribbean Grille concept featuring food and drinks found in the islands of the Caribbean Sea and a Caribbean theme.[10]
Markets were oversaturated with restaurants in 1997, forcing Darden to close 48 poorly performing locations and lose $91 million due to the restructuring. Red Lobster and Olive Garden were given makeovers in 1998. Darden also made a profit of $102 million that year.[10]”
(http://www.autoadmit.com/thread.php?thread_id=5530906&forum_id=2Reputation#47679507) |
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Date: May 21st, 2024 11:32 AM Author: Carnelian Stead
"so we're in agreement that the red lobster was owned by the entity that founded it until it was acquired by PE."
i'm confused as to what you're saying but this appears to be plainly false.
Red Lobster Inns of America, Inc. was incorporated in 1968.
Red Lobster was sold to General Mills in 1970. At this point, 2 years after its founding, it was no longer owned by the entity that founded it, but instead owned by a big megacorp.
Red Lobster was spun off into a separate entity (Darden Restaurants, which honored the original founders but was just a name that large corporate entity general mills picked) by general mills in 1995.
Red Lobster was bought by Golden Gate in 2014.
So Red Lobster has been a creature of large scale corporate capitalism for all but 2 of its 56 years of existence.
(http://www.autoadmit.com/thread.php?thread_id=5530906&forum_id=2Reputation#47679658) |
Date: May 21st, 2024 8:37 AM Author: racy pozpig crotch
PE company buys Red Lobster.
PE company then sells all the land that Red Lobster restaurants are on to other companies owned by same PE company.
Other companies then rent the land back to Red Lobster @ 1000% mark up.
PE company forces Red Lobster to purchase supplies from other companies owned by PE company @ 1000% mark up.
PE company uses Red Lobster to "borrow" $10 billion to pay c-suite guys millions in bonuses.
Whoops! Red Lobster flies for bankruptcy.
(http://www.autoadmit.com/thread.php?thread_id=5530906&forum_id=2Reputation#47679149) |
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Date: May 21st, 2024 10:09 AM Author: pungent swashbuckling multi-billionaire round eye
ljl at useful idiots like you.
how come all the other mid-range restaurants owned by darden are still up and running? why aren't they declaring bankruptcy?
consumer preferences have changed but not every chain restaurant brand is declaring bankruptcy. only the ones that were raped by PE.
(http://www.autoadmit.com/thread.php?thread_id=5530906&forum_id=2Reputation#47679373) |
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Date: May 21st, 2024 11:24 AM Author: pungent swashbuckling multi-billionaire round eye
why was red lobster profitable in 2014 when acquired and bankrupt now? why are the other restaurants held by darden not bankrupt?
this is one of the most blatant examples of PE grift. golden gate acquired red lobster and then sold it's real estate to a firm owned by golden gate. then it sold red lobster to a thai shrimp company, which started doing endless shrimp promotions to sell as much seafood to red lobster as possible. all while reducing the quality and increasing prices to juice the american people who were relying on a once quality brand.
so what happens? golden gate capital gets richer. thai shrimpers get richer. and the american people lose jobs and a restaurant chain.
how the fuck is our system supposed to work when people can buy companies, pilot them into bankruptcy, and somehow profit off the endeavor? it's blatant grift and the truth of this is obvious -- how else can someone profit when a company they acquire goes bankrupt?
this is just a more sophisticated version of jewish lightening and rubes like you eat it up.
(http://www.autoadmit.com/thread.php?thread_id=5530906&forum_id=2Reputation#47679637) |
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Date: May 21st, 2024 11:39 AM Author: Irradiated knife
because over the last 10 years, consumers tastes have shifted to go more upscale for seafood, such as bonefish grill. other restaurants that darden holds are more upscale and/or non-seafood.
if golden gate owns red lobster, there's no conflict to say that real estate was sold to a GG affiliate. instead, as i mentioned up thread, it just removed the implicit subsidy that owned real estate was providing to a declining red lobster business.
i totally grant that thai shrimp equity investor who instructed red lobster to fire competing shrimp purveyors, and changed RL business practices to push more shrimp while losing money, is shady as hell, and may well be a breach of fiduciary duty. but the red lobster business was already declining a ton before the shrimp promotion, this was more of a last gasp hail mary, rather than a fumble when you're already winning the game.
(http://www.autoadmit.com/thread.php?thread_id=5530906&forum_id=2Reputation#47679692) |
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Date: May 21st, 2024 11:45 AM Author: pungent swashbuckling multi-billionaire round eye
go look at the bonefish menu and the red lobster menu. they are equivalent prices. the only reason you consider bonefish "more upscale" is because red lobster has declined in quality. the prices are equivalent. i just spent $150 at red lobster for 2 on sunday.
"if golden gate owns red lobster, there's no conflict to say that real estate was sold to a GG affiliate. instead, as i mentioned up thread, it just removed the implicit subsidy that owned real estate was providing to a declining red lobster business."
lol, just lol.
yeah, there's nothing wrong legally with the way PE works. that's the whole point. they legally destroy american enterprises and jobs for profit.
(http://www.autoadmit.com/thread.php?thread_id=5530906&forum_id=2Reputation#47679714) |
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Date: May 21st, 2024 12:18 PM Author: Irradiated knife
"i just spent $150 at red lobster for 2 on sunday."
lol ok
on the real estate, you do know that restaurants are a really hard business, and that getting a sweetheart deal on rent can make or break them, right? my point is simply that average restaurants go out of business all the time. it's a massive advantage (and a huge drag on capex) to own your own business real estate
(http://www.autoadmit.com/thread.php?thread_id=5530906&forum_id=2Reputation#47679828) |
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Date: May 21st, 2024 12:29 PM Author: pungent swashbuckling multi-billionaire round eye
https://i.imgur.com/HKpxfmh.png
why would i lie? $50 entree (split) + $15 app + 2 drinks each ($60) + $15 dessert = $140. i actually paid like $165 after tip but just rounded down.
sure, a sale-leaseback isn't inherently a bad business move. however, when you're doing it with a company you bought with an LBO, and that company winds up going bankrupt shortly after, while you walk away with a profit, i wonder whether it was a "sweetheart deal" and that company was best served by the transaction.
(http://www.autoadmit.com/thread.php?thread_id=5530906&forum_id=2Reputation#47679859) |
Date: May 21st, 2024 11:21 AM Author: khaki casino
jfc. It isnt even a PE owned company you retards.
All of you claiming it was PE run is retarded
(http://www.autoadmit.com/thread.php?thread_id=5530906&forum_id=2Reputation#47679632) |
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Date: May 21st, 2024 11:36 AM Author: khaki casino
years ago and the supplier, Thai Union, acquired it before covid or around covid.
Its not the PE shop that ran it for several years.
hth
(http://www.autoadmit.com/thread.php?thread_id=5530906&forum_id=2Reputation#47679679) |
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Date: May 21st, 2024 11:35 AM Author: Hairless Disgusting Library
I’m not I just hate Indians, redditors, and nigger food
You’re a fucking retard
How are you even a lawyer?
(http://www.autoadmit.com/thread.php?thread_id=5530906&forum_id=2Reputation#47679676) |
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(http://www.autoadmit.com/thread.php?thread_id=5530906&forum_id=2Reputation#47682749) |
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