Los Angeles, Ca
Red Lobster's management issues led to bankruptcy
Red Lobster noted, in its recent bankrupty filings, that it faced mismanagement issues over the past decade as the company looks to rebound over the coming weeks, according to the latest reports by Eater.
The revelation comes after the seafood chaint announced it will be closing dozens of locations across the U.S., including five in California in cities like Torrance, San Diego, and Sacramento.
In the last decade, the company has seen five different CEOs and has been sold twice in the last decade, according to the report.
Golden Gate Capital purchased Red Lobster for $2.1 billion in 2014 from Darden Restaurants, a spin off founded by Bill Darden. Darden founded Red Lobster in Lakeland, Florida in 1968, forming Darden Restaurants, Inc.
Golden Gate Capital is a prominent private equity firm, founded in 2000 by David Dominik and Jesse Rogers, with over $17 billion in assets under management like California Pizza Kitchen, Express and Michaels stores.
During Golden Gate Captial’s near five-year ownership, they sold off the land in a tenuous real estate deal, increasing the restaurant’s overhead by adding lease payments and dredged the popular chain into slogging debt.
In 2020, Red Lobster was sold to Thai Union, one of the world’s largest seafood producers, known for brands such as Chicken of the Sea and forced Red Lobster to focus on selling shrimp products, the report said.
Under its latest owner, the chain introduced promotions like the $19.99 all-you-can-eat shrimp scampi deal to attract customers and cut costs by using lesser ingredients.
Meanwhile, Golden Gate Capital likely made a significant return on its initial $2.1 billion investment from 2014, considering the partial stake sold and the remaining ownership they retained.
Red Lobster filed for bankruptcy on May 20, a move that could save the failing chain from shuttering its doors completely. Prior to the filing, the company began selling off assets like kitchen equipment, conducting most of it online.
In the aftermath of it all, thousands of employees lost jobs with many more set to lose their jobs during the bankruptcy proceedings.
Red Lobster is now seeking bankruptcy protection and aims to rebound over the next several months.
One of the five confirmed fatalities from the destructive Eaton Fire was identified on Wednesday morning when his family found his body on the side of the road by their home – with a garden hose still in his hand.
According to his loved ones, 66-year-old Victor Shaw died trying to defend the home that had been in his family for nearly 55 years.
As of Wednesday night, Victor’s body was still on his family’s property in the 3000 block of Monterose Avenue as conditions were not yet safe enough for the coroner’s office to retrieve him.
Victor lived in that home with his younger sister, Shari Shaw, who said that she tried to get him to evacuate with her on Tuesday night as the fire moved toward them.
Those close to Victor said he had some health problems that prevented him from moving around very well.
As she was running out the door, Shari said Victor told her he wanted to stay behind and try to fight the fire.
“When I went back in and yelled out his name, he didn’t reply back, and I had to get out because the embers were so big and flying like a firestorm – I had to save myself,” Shari told KTLA’s Rick Chambers. “And I looked behind me, and the house was starting to go up in flames, and I had to leave.”
A family friend, Al Tanner, told KTLA that the next morning, they found Victor’s charred body on the side of the road with the hose.
“It looks like he was trying to save the home that his parents had for almost 55 years,” said Tanner.
“I fell to the ground, and I didn’t know – I didn’t want to look at him,” said Shari. “They just told me that he was lying on the ground and that he looked serene, as if he was at peace.”
As of early morning Thursday, the cause of the 10,600-acre Eaton Fire remained under investigation.
The Eaton Fire was one of four large, active wildfires in the Los Angeles area. The largest, the 17,234-acre Palisades Fire, destroyed an estimated 1,000 structures. A separate 855-acre fire, the Hurst Fire, burned in the L.A. neighborhood of Sylmar. A fast-moving fire in the Antelope Valley called the Lidia Fire has burned at least 348 acres and forced evacuations. Crews have made progress on the 43-acre Sunset Fire which forced rapid evacuations in the Hollywood Hills.
As the deadly Eaton Fire continues burning in Los Angeles County, Pasadena Humane is seeking help as a large number of animals are being evacuated.
Over 100 animals arrived at the organization on Wednesday, and workers expected more drop-offs to come in over the next few days.
“Due to the proximity of the evacuation zones, we are also making preparations to evacuate the shelter, if needed,” workers said. “At this time, all animals are safe and unharmed at the shelter.”
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A dog who was found near the site of the Eaton Fires was covered in burns and ashes and was very dehydrated. His paw pads were singed and he is being treated by the veterinary team in the ICU an dprovided with wound care, pain medications and fluids. (Pasadena Humane Society) -
A cat found with burn injuries on his face and body was treated at the ICU before recovering in an oxygen kennel. (Pasadena Humane Society) -
A cat found with burn injuries on his face and body was treated at the ICU before recovering in an oxygen kennel. (Pasadena Humane Society) -
An injured cat found covered in burns was treated in the ICU. (Pasadena Humane Society) -
A small bird found with burns on its tail area was treated at the Wildlife Center. (Pasadena Humane Society) -
An injured dog and cat found near the Eaton Fire site were treated by shelter staff at the Pasadena Humane Society.
Many of the animals arriving at the shelter were found with burn injuries.
Shelter workers said critical supplies are needed due to the influx of animals including food, water bowls, extra large crates and blankets. Anyone able to donate these items can drop them off at the donation bin located at the shelter’s front parking lot.
On Wednesday, workers said kennel space was filling up quickly and evacuees who need emergency boarding for their pets can drop them off at spcaLA at 5026 W. Jefferson Blvd. in Los Angeles. Large animals should be taken to the L.A. Equestrian Center at 480 Riverside Dr. in Burbank.
Pasadena Humane Animal Control Officers will continue working in the field, assisting with animal evacuations, while Pasadena Humane staff are working round-the-clock at the shelter to care for the animals of displaced families.
“We are currently coordinating with Cal Animals and ASPCA disaster response to mobilize more resources to assist with the situation,” staff said. “We anticipate getting in even more animals who are in need of emergency medical care as the fires continue.”
As shelter space is limited, anyone who can foster a dog or cat for at least a week is urged to email the Pasadena Humane Foster Office or visit in person.
Donations to provide emergency resources to animals affected by the wildfires can be made here. Anyone who finds injured wildlife can text 626-344-1129 or call Animal Control at 626-792-7151 ext. 970.
(KTLA) — Six Flags Magic Mountain will remain closed on Wednesday due to high winds in the area.
Tickets purchased for Wednesday will be honored on “any other regular operating day” until Dec. 31, the theme park announced on Instagram.
Universal Studios Hollywood and CityWalk also chose not to welcome guests due to fires and extreme wind conditions in the region. Officials haven’t announced if tickets will be honored on future days.
An unprecedented windstorm that started Tuesday has led to multiple fires burning across the region, including the Palisades Fire in L.A.’s Pacific Palisades neighborhood, which has grown to over 5,000 acres.
Elsewhere, the Eaton Fire near Altadena has grown to over 10,000 acres and has claimed the lives of two people. Additionally, the Hurst Fire near Sylmar has burned more than 500 acres.
So far, Disneyland and Knott’s Berry Farm haven’t announced any closures or reduced hours of operation due to the wildfires.
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