How a global seafood giant broke Red Lobster
CNN
Thai Union’s damaging decisions drove Red Lobster’s fall, former executives say.
When seafood conglomerate Thai Union Group became Red Lobster’s leading shareholder in 2020, gaining 49% control of the chain, Red Lobster employees were assured Thai Union would not interfere in key decisions. Thai Union will “not be involved in Red Lobster’s day-to-day operations, including [its] supply chain standards and processes,” according to a document titled “Seafood Supplier Talking Points” viewed by CNN that was approved by top Thai Union and Red Lobster executives. “We intend to maintain relationships with all current seafood suppliers,” the talking points said. Those pledges didn’t last. By 2022, representatives from Thai Union in Thailand, whose $4 billion empire includes brands like Chicken of the Sea and John West Foods, were embedded in Red Lobster’s Orlando headquarters, serving in top roles and closely directing the largest seafood restaurant chain in the world. “We are much deeper involved in the management of Red Lobster,” Thai Union finance chief Ludovic Garnier said on an analyst call in November 2022.
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