Kimberly Kirkendall, CPA’s Post

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. Now, Red Lobster has drowned in a relentless supply of Thai Union-supplied shrimp. Red Lobster filed for Chapter 11 bankruptcy Sunday, and it plans to sell its business to its lenders. In turn, Red Lobster will receive financing to stay afloat. Thai Union’s damaging decisions drove the pioneering chain’s fall, according to 13 former Red Lobster executives and senior leaders in various areas of the business as well as analysts. All but two of the former Red Lobster employees spoke to CNN under the condition of anonymity because of either non-disclosure agreements with Thai Union; fear that speaking out would harm their careers; or because they don’t want to jeopardize deferred compensation from Red Lobster. https://lnkd.in/eAcjcH2D

Amidst the news that Red Lobster -- best known for squeezing a lemon in slow motion over fried shrimp -- is filing for bankruptcy and closing 99 of its restaurants, serious business folks are asking serious questions like: - Is the Endless Shrimp buffet responsible for this? - Was it the soaring inflation that makes dining out prohibitively expensive? - Did the executives silo marketing, procurement, and finance? - Where will I get my cheddar bay biscuits now? Me, I'm a simple marketing man, and so my interests run to messages and the companies that use them to obscure and deflect. Like this bombastic B2B verbosity attributed to the CEO of the largest Red Lobster shareholder, Thai Union: “The combination of Covid-19 pandemic, sustained industry headwinds, higher interest rates and rising material and labor costs have impacted Red Lobster, resulting in prolonged negative financial contributions to Thai Union and its shareholders.” First of all, good job to the PR team that crafted that. Very PR of you. It has the hallmarks of opaque corporate-speak: obfuscate and use many words where one would do: 🔷 What "sustained industry headwinds" pretends to mean: Complicated stuff you wouldn't understand. 🔶 What it really means: The economy. 🔷 What "Impacted Red Lobster" pretends to mean: Stuff happened to us. 🔶 What it really means: We take no responsibility for this. And then there's "prolonged negative financial contributions." It means"losses." Just say "losses." The same CEO also says they are "pursuing an exit of our minority investment,” which is a fancy way of saying "we're dumping the stock." I prefer companies to talk straight, and say things to be understood. I'm inclined to not trust a business run by people that sound like an AI trained on marketing buzzwords. I suspect they're more concerned with looking good than being competent. And if that's the case, I don't trust them at any level. But as I said, I'm a simple marketing man. #redlobster #cheddarbaybiscuits #endlessbankruptcy

[News Release]   Sojitz Expands Seafood Products Value Chain in the U.S. through Acquisition of Sushi Avenue’s Takeout Sushi Business and Establishment of MF America －Partnering with Marine Food’s New Overseas Base to Enter the Diversifying U.S. Sushi Market－   Sojitz Corporation (“Sojitz”) has acquired all takeout sushi businesses of Sushi Avenue Inc. (“Sushi Avenue”) via Sojitz Corporation of America, a fully owned subsidiary of Sojitz. Sushi Avenue operates a supermarket takeout sushi business with over 300 retail locations in the Midwest and across the greater U.S. Sojitz will leverage its procurement and product development capabilities developed through its longstanding seafood products business mainly in Japan as it partners with The Marine Foods Corporation’s new overseas base, MF America LLC, to enter the sushi business in the growing U.S. market, which is characterized by diversifying consumer demand. In doing so, Sojitz aims to further expand its seafood products value chain.   Read the full article here. https://lnkd.in/g9W7DCyv

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Title: "Global seafood brokerage: Transmitting value across the sea" Figure: - Jenny - Global seafood broker - Emily - Seafood producer - Michael - Seafood importer - Sarah - Food retailer Jenny: The seafood market is growing strongly. There is a need for a global seafood broker to connect producers and consumers around the world. Emily: I want to expand the export market for my seafood products. But I don't know how to approach new markets. Jenny : Don't worry, it's my job. With my global network, I can help you find import partners and expand customers worldwide. Michael: I'm looking to source high quality seafood from other countries. I need an experienced and reputable brokerage partner to find reliable suppliers. Jenny : You've come to the right place. With my deep knowledge and international network, I can help you source high-quality seafood from around the world. Sarah: I want to meet customer needs with fresh and reliable seafood products. I need a brokerage partner who can provide me with diverse and quality products. Jenny : You've found the right person. With reliable partnerships and flexibility in supply, I can provide you with the highest quality and variety of seafood products. Jenny : I'm glad I helped you find each other. Emily, you can export your quality seafood products to Michael, who will import them into his market. And Sarah, you'll have a reliable supply from Emily, helping you meet your customers' needs. Emily: Thank you for your help, Jenny. This connection will help me expand my market and increase sales. Michael: I'm so grateful, Jenny. Thanks to you, I can provide my customers with quality and reliable seafood products. Sarah: I can't believe I have such a reliable supply. Thank you so much, Jenny. Jenny: That's my job. I always try to find the best solutions and create value for my partners. Trust my international network and I will ensure that transactions are successful. P/s: Jenny, Emily, Michael and Sarah parted ways with satisfied smiles on their faces, knowing that they had found a trustworthy partner in the global seafood brokerage business.

Be careful who you get into bed with. Red Lobster the global family, fast-casual dining (in my opinion rather mediocre) restaurant chain has filed for Chapter 11 bankruptcy. It's rather interesting that many people have put their bankruptcy down to their $20 'eat as many shrimps as you like' campaign that has bankrupted the business. However, I feel we need to dig a little bit deeper and look at Thai Union Group PCL. - the majority shareholder of Red Lobster. Thai Union are effectively a global fishmongers conglomerate amongst other things and have apparently been the driving force behind getting rid of all the other suppliers, putting onerous supplier covenants on to Red Lobster, which meant that Red Lobster could only buy from Thai Union, effectively lining their pockets and screwing shareholders, staff and stakeholders alike. So as we go through Chapter 11, I think there needs to be much deeper scrutiny placed on Thai Union and their role in effectively driving Red Lobster into Bankruptcy. The reason why I'm sharing this is to be careful who you allow onto your cap table. Not all shareholder interests are aligned. Perhaps one of the biggest threats to Red Lobster's existence is having a very predatory shareholder whose interests are not uniquely aligned with the other shareholders of Red Lobster and certainly not aligned with the employees and broader stakeholders. As always, thoughts/comments/observations are always welcome below. 🦞 #redlobster #restraunt #bankruptcy #news #shareholder

Perhaps it is actually the ever increasing price of seafoods in general.

A new wave of food and beverage chains is flowing out of China, and it’s all about spicy hot pot, braised chicken rice and pickle fish soup. Franchising is helping Chinese companies rapidly expand and outcompete local operations. #china #southeastasia #foodandbeverage #enterprises

🔴✨ [VIETNAM IS THE THIRD LARGEST SEAFOOD EXPORTER TO CHINA] ✨🔴 In the first eight months of 2024, China imported over 2.8 million tons of seafood, valued at nearly 11.4 billion USD, a decrease of nearly 6% in quantity and 11% in value compared to the same period last year. According to information from the Vietnam Association of Seafood Exporters and Producers (VASEP), citing statistics from Chinese Customs, in the first eight months of 2024, China imported over 2.8 million tons of seafood, achieving a value of nearly 11.4 billion USD. Compared to the same period last year, this represents a decrease of nearly 6% in quantity and 11% in value. The five largest seafood supplying markets to China include Ecuador, Russia, Vietnam, Canada, and India. Vietnam ranks as the third largest seafood exporter to China. For crab products, in the first eight months of 2024, China imported approximately 86,700 tons of crab, with a total value reaching 1.3 billion USD, marking an 11% increase in quantity and a 10% increase in value compared to the same period last year. Specifically, live crab imports accounted for 68,400 tons, worth 1.14 billion USD. Additionally, lobster also saw growth, with a 15% increase in quantity and a 14% increase in value, totaling 37,000 tons and a value of over one billion USD in the first eight months of the year. For importers and distributors, the seafood wholesale market remains the main trade channel in China. Notably, the JingShen seafood market in Beijing is regarded as the largest seafood market in northern China, supplying about 80% of high-quality seafood to the Beijing market, including imported products for the HRI (Hotels, Restaurants, and Institutions) sector and retail. Seafood importers at this market distribute products to buyers and distributors in major provinces and cities such as Beijing, Hebei, Shanghai, Guangzhou, Heilongjiang, Jilin, and Liaoning. Source: Báo Công Thương -------------- 🚩CONTACT INFORMATION: 📞Hotline/Zalo: 0842.001.900 - 0908.315.806 📩Email: booking@vietaircargo.asia 🌐Website: www.vietaircargo.asia 📌Address: 6BIS THANG LONG, WARD 4, TAN BINH DISTRICT, HO CHI MINH CITY

Dozens of Red Lobster locations across the country abruptly shuttered their doors on Monday. More than 90 Red Lobster locations in at least 27 states were listed as "temporarily closed" on the restaurant's website. Workers at the shuttered restaurants shared their disbelief on social media and said they received no notice whatsoever. In 2020, ThaiUnion, a Thailand-based company that produces seafood products, bought a stake in Red Lobster. ThaiUnion revealed in January 2024 that it would be exiting from its investment in Red Lobster and would be taking a roughly $530 million loss as a result of its investment in the company. #grow🌱 #agribusiness #supplychain #trade #usa🇺🇸 #markets #commodities #redlobster🍤 #stagflation #interestrates🔥 #bankruptcy #ppi #recession2024