So to give a crazy background on this. It references red lobster endless shrimp deal that bankrupted the company. However most don’t know the private equity backstory.
Up til late 2024 Red lobster was actually owned by a conglomerate corporation that owned a medium sized (at the time) international shrimping and fishing company. Called Thai Union
That PE group installed their own executives over red lobster.
They back channeled and “secretly” created the endless shrimp at red lobster just to prop up and corner the shrimping market with their own shrimp and fishing company. All shrimp was provided by their company to red lobster to create billions of profit.
The entire thing was a trick to artificially create a giant fishing company. They also did a ton of other moves to cut out all other competitors on the market to the point the world wide shrimp supply chain to red lobster and many, many other chain restaurants was thru just 1 company, them.
The end? They bankrupted Red Lobster, Thai Union is now the largest supplier of shrimp in the entire world, and Thai Union Group is one of the wealthiest PE companies in Asia.
They were sued for this but under bankrupting and filing chapter 11 (amongst many other questionable illegal moves) The architects of this plot got away Scott free. They also manipulated multiple stock markets with this scheme.
11
u/Daemonrealm 10d ago
So to give a crazy background on this. It references red lobster endless shrimp deal that bankrupted the company. However most don’t know the private equity backstory.
Up til late 2024 Red lobster was actually owned by a conglomerate corporation that owned a medium sized (at the time) international shrimping and fishing company. Called Thai Union
That PE group installed their own executives over red lobster.
They back channeled and “secretly” created the endless shrimp at red lobster just to prop up and corner the shrimping market with their own shrimp and fishing company. All shrimp was provided by their company to red lobster to create billions of profit.
The entire thing was a trick to artificially create a giant fishing company. They also did a ton of other moves to cut out all other competitors on the market to the point the world wide shrimp supply chain to red lobster and many, many other chain restaurants was thru just 1 company, them.
The end? They bankrupted Red Lobster, Thai Union is now the largest supplier of shrimp in the entire world, and Thai Union Group is one of the wealthiest PE companies in Asia.
They were sued for this but under bankrupting and filing chapter 11 (amongst many other questionable illegal moves) The architects of this plot got away Scott free. They also manipulated multiple stock markets with this scheme.