Red Lobster’s woes go beyond just bottomless shrimp
Marketplace All-in-One
Marketplace
4.5 • 1.4K Ratings
🗓️ 20 May 2024
⏱️ 10 minutes
🧾️ Download transcript
Summary
The popular Red Lobster restaurant seafood chain has officially filed for bankruptcy protection. The eatery has struggled with high labor costs, expensive leases and a popular promotion that ate into profits. Today, we’ll trace back Red Lobster’s struggles. Then, the final results of major New York auction house sales show the art world is struggling to overcome a recession. And later: What’s it like living in a multigenerational residential community?
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Transcript
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| 0:00.0 | There is one last chance to double your impact when you donate during this May fundraiser. |
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| 0:25.0 | slash donate. |
| 0:27.0 | My name is Lee Hawkins. I've been a journalist for over 25 years. On my new |
| 0:37.2 | podcast, What Happened in Alabama, I get answers to some of the hardest questions about how things came to be for many black Americans |
| 0:46.4 | and the truth that must come before any reconciliation can happen. |
| 0:50.9 | I investigate my family history, my upbringing in Minnesota, and my father's |
| 0:56.3 | painful nightmares about growing up in Alabama. |
| 1:00.0 | What happened in Alabama is a new series confronting the cycles of trauma for myself, my family, |
| 1:07.0 | and for many black Americans. |
| 1:09.0 | Listen now. Red lobster struggles after offering a sea of shrimp. |
| 1:24.0 | From Marketplace, I'm Nancy Marshall Genser in for David Barncaccio. |
| 1:27.9 | The Red Lobster restaurant chain has officially filed for bankruptcy protection. |
| 1:32.8 | The national chain of seafood restaurants |
| 1:34.7 | has struggled in recent years with high labor costs, |
| 1:37.8 | expensive leases, and a popular promotion that ate into profits. |
| 1:42.0 | Marketplace's Henry Epp reports. Some of promotion that |
| 1:43.2 | aid into profits, Marketplace's Henry Epp reports. |
| 1:44.3 | Some of Red Lobster's troubles can be traced back to its purchase by a private equity firm a decade ago. |
| 1:49.7 | Under that firm's leadership, the chain sold its properties to a real estate company, then leased them back. |
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