Red Lobster SHUTS 50 LOCATIONS Sparking Fear Of MAJOR Economic Crises Looming, Democrats PANIC

[300 H and H]

16:05 min.


Timcast


1.26M subscribers

The Media- "Bidenomics is working." Also the Media-"Red Lobster closes 50 locations Country wide." Again also the Media-"Its Trump's fault."


Red Lobster is in a bad situation. Rich people won't eat there because it's practically McDonalds to them, and middle-class people who used to eat there can no longer afford it.

 

[Melensdad]

So much bad news for the economy.

Canada is evacuating a city that produces oil due to wild fires, exactly when Biden, for political reasons, needs oil prices to drop.

The bond market is offering no value to investors, which also leaves the value investors with few options. Meme stocks are having a nice run at killing off some hedge funds that are betting on shorting some stocks.

Producer prices rising, so likely looking at an interest rate INCREASE from the Fed, despite the fact that people have mistakenly been believing that there would be at least one, and possibly 2 or 3 rate cuts from the Fed. Any cut would clearly lead to higher inflation, and increase will likely lead to a recession. Fed should have increased much sooner than it started, and more aggressively, but they now are in a no win situation because they delayed way too long and raised too slow.

Government debt is (finally) being taken seriously. Interest alone is a huge problem and may exceed the defense budget!?!

There is now record household debt and consumer delinquencies are exploding.

Red Lobster's issues are just something that consumers and the talking heads on network TV can actually see.

 

[tiredretired]

All their food tasted the same as it is all cooked and served with that syrupy goop fake butter/oil shit. There is no distinguishing between lobster, fish and scallops and the food tends to be over cooked with rubbery shrimp. The lobster tails were the size of crawdads and one could play handball with their sea scallops that were so rubbery they would bounce if dropped on the floor.

I read the story about Red Lobster and it actually goes more to the point of the CEO....who was fired for her endless crab events she put on around the country which ended up costing Red Lobster more than customers were paying for the meals. That's just stupid! That's NOT the cause of Bidenomics.....although could be the cause of liberal, leftist thinking because they are.....really, really stupid after all.

 

[FrancSevin]

From Outback to Texas Roadhouse, Cracker-barrel, to McDonalds to Dennys,,,,; all the major restaurant chains are closing stores. It isn't just the cost of supplies and food, it is a shortage of labor, and customers.

Fast food used to be fast and cheap. It ain't anymore.

Contrarily;
The wife and I had "Longhorn Steakhouse" in Springfield Mo for our anniversary. Same place we always visited for years. Surprisingly, the food was excellent and the service perfect. More surprising, the prices were the same as last year. But the place usually packed on a Friday nite was low on customers.

 

[waybomb]

It's not the shortage of labor. It's giving them all free money so they don't have to work
You don't need much to just live with no goals. Government assistance to the rescue.
Take away the free money, they will go to work.

 

[FrancSevin]

It's not the shortage of labor. It's giving them all free money so they don't have to work
You don't need much to just live with no goals. Government assistance to the rescue.
Take away the free money, they will go to work.

Sorry but you just described the reason there is a shortage of labor. Government "help."
It hardly negates my observation.
Which is only part of the problem.
People don't have the money to go out to eat. Thanks to inflation, their paychecks are worth less that during Trump's administration which, for the first time in decades, saw people's wages, in terms of buying power, increased.

MSN

MSN

 

[EastTexFrank]

Some of those Red Lobster locations are in East Texas. In fact, most of their locations in East Texas are to close. There won't be one within at least 100 miles of us. Too bad. We occasionally ate at the one in Longview but it's now gone.

 

[waybomb]

"They" want us to say shortage of labor. Attempting to validate all the illegals to fill positions we have no help for. We have the help. We have the labor. Get em of their dead asses to work.

 

[FrancSevin]

"They" want us to say shortage of labor. Attempting to validate all the illegals to fill positions we have no help for. We have the help. We have the labor. Get em of their dead asses to work.

Whomever "they" are and whatever the reasons, the big chains are hurting. So many of their underperforming outlets are being closed. In some case, the entire chain of restaurants is being closed.

 

[Hopeless loser]

From Outback to Texas Roadhouse, Cracker-barrel, to McDonalds to Dennys,,,,; all the major restaurant chains are closing stores. It isn't just the cost of supplies and food, it is a shortage of labor, and customers.

Fast food used to be fast and cheap. It ain't anymore.

Contrarily;
The wife and I had "Longhorn Steakhouse" in Springfield Mo for our anniversary. Same place we always visited for years. Surprisingly, the food was excellent and the service perfect. More surprising, the prices were the same as last year. But the place usually packed on a Friday nite was low on customers.

Only reason fast food isn’t fast or cheap anymore is because they hire people and don’t train them properly unlike back in they day like during your time and in my time the 90s and 2000s. In Canada majority of fast food workers are international students and underage minors because they can pay minors less then minimum wage and international student no overtime pay for long hours.

 

[Hopeless loser]

"They" want us to say shortage of labor. Attempting to validate all the illegals to fill positions we have no help for. We have the help. We have the labor. Get em of their dead asses to work.

Like I said American companies will only hire illegal so they can pay them less than minimum wage, no breaks and no over time for long hours since these illegal don’t know labour laws.

 

[300 H and H]

Was Endless Shrimp to Blame for Red Lobster's Bankruptcy?​

19:03 min.


Patrick Boyle
Patrick Boyle
738K subscribers


Red Lobster was America’s largest casual dining seafood chain, with almost 600 locations across the United States and Canada. Its bankruptcy was announced earlier this week. The bankruptcy declaration insinuates that the chains equity owner who was also their biggest seafood supplier might have decided that their equity stake in the business was worthless, but that they could extract some extra value from the company before it declared bankruptcy by selling them a lot of extra shrimp, leading to the uneconomical "Endless Shrimp" deal at Red Lobster. The decision to make the $20-dollar endless shrimp deal a permanent menu item is said to have led to an $11 million dollar loss. The bankruptcy declaration says that “the Debtors are currently investigating the circumstances around these decisions.”
====================================================================
Worth the watch for the full story behind this failure. Bankruptcy was declared last Monday. 3 CEO's in 5 years at the end.
Sold their stores and leased them back. All the juicy details that got them where they are, broke.

 

[m1west]

Needed a Trip Tip for Memorial Day so I went up town to the local grocer to pay double what it costs at Costco, when I got there Tricep Tip was on sale for $6.99.00 # so I bought 5, on the way out of the parking lot I noticed something I never saw before. BurgerKing and TacoBell both had 0 cars in there lot or drive through, and a holiday weekend to boot.

 

[FrancSevin]

Needed a Trip Tip for Memorial Day so I went up town to the local grocer to pay double what it costs at Costco, when I got there Tricep Tip was on sale for $6.99.00 # so I bought 5, on the way out of the parking lot I noticed something I never saw before. BurgerKing and TacoBell both had 0 cars in there lot or drive through, and a holiday weekend to boot.

The signs of our nation's demise are becoming common and obvious.

 

[tommu56]

its simple economics' with our grocery bill running 50-60% over 4 years ago and about 10- 15% over last year.
My family we use to go out 1 a week (usually for breakfast) now were down to once a month it comes out of the same budget

 

[Melensdad]

Looks like we are looking at a general restaurant apocalypse in the US right now. Restaurants are closing at a fast rate, but unlike Red Lobster's debacle, the current closings are not self inflicted wounds by bad management.

As @tommu56 points out people simply can't afford to eat out anymore. We may not be in a 'technical' recession, but price inflation is killing the middle and lower middle classes. Grocery bills and gasoline bills are eating up paychecks. Rent and mortgage prices are climbing.

 

[tommu56]

Looks like we are looking at a general restaurant apocalypse in the US right now. Restaurants are closing at a fast rate, but unlike Red Lobster's debacle, the current closings are not self inflicted wounds by bad management.

As @tommu56 points out people simply can't afford to eat out anymore. We may not be in a 'technical' recession, but price inflation is killing the middle and lower middle classes. Grocery bills and gasoline bills are eating up paychecks. Rent and mortgage prices are climbing.

And it really hits home because we go to Mom and Pop restaurants who are the worst ones hit during covid and don't have the corporate umbrella to help them ride this wave.
When we do go out I tip very well and the waitress are Jonny or Jane on the spot waiting on us,
I feel since I don't come as often I try and help them out with a good tip.

 

[Melensdad]

And it really hits home because we go to Mom and Pop restaurants who are the worst ones hit during covid and don't have the corporate umbrella to help them ride this wave.
. . .

True

But chains make the headlines because their are far more widely known to the public

https://ktla.com/news/california/rubios-restaurant-closures/

Rubio’s closing 48 locations due to ‘rising cost of doing business’​

by: Marc Sternfield ​

Posted: Jun 3, 2024 / 11:56 AM PDT ​

Updated: Jun 3, 2024 / 11:56 AM PDT​

​

Rubio’s Coastal Grill, the Carlsbad-based restaurant chain famous for its fish tacos, is shuttering 48 “underperforming” California locations in the latest blow to the state’s fast-food industry.​

​

In a statement to KTLA, a Rubio’s spokesperson cited the “rising cost of doing business” and the “current business climate” in California as key factors.​

​

The closures, which were announced on Friday, include 24 Rubio’s locations in the Los Angeles area, 13 in San Diego and 11 in Northern California.​

​

“Making the decision to close a store is never an easy one … While painful, the store closures are a necessary step in our strategic long-term plan to position Rubio’s for success for years to come,” the spokesperson said.​

​

In April, California Assembly Bill 1228 took effect, boosting the minimum wage for fast-food workers from $16 to $20 an hour. Many restaurants have responded by raising menu prices and, in some cases, laying off workers. . . ​

​

With Friday’s closures, Rubio’s has shrunk from more than 200 restaurants to 86, a spokesperson said.​

 

[pirate_girl]

Damn .. 😐
I knew it wouldn't be long.

Three area Red Lobster restaurants targeted for closure in latest bankruptcy filings

This round of cuts includes 135 restaurants nationwide, on top of the 50 that were closed in mid-May.

www.13abc.com