What Killed Red Lobster? | Caught in the Net | 1

Business Wars

Wondery

History, Business, David Brown, Management

4.6 • 13.2K Ratings

🗓️ 5 March 2025

⏱️ 46 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

Red Lobster redefined American dining habits by making seafood accessible to people living outside the coasts. But its heyday didn’t last. Casual observers believe Red Lobster’s demise was an open-and-shut case of an all-you-can-eat deal backfiring. But there are plenty of other suspects. And as America’s #1 seafood restaurant chain fights to keep its head above water, it must reckon with whether it can trust Wall Street’s offer of a lifeline.

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Transcript

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0:00.0	Wonderry Plus subscribers can binge all episodes of business wars, TikTok versus the USA, early and ad-free right now.
0:07.6	Join Wondery Plus in the Wondery app or on Apple Podcasts.
0:14.5	It's 24 and across the United States of America, people are rising to a new challenge.
0:24.7	The challenge laid down by Red Lobster, the nation's largest chain of seafood restaurants.
0:30.9	It's a challenge that's out to revive its ailing fortunes, and that challenge is, endless shrimp for just $25.
0:40.6	Endless shrimp?
0:41.9	All the shrimp I can eat for just $25?
0:45.1	Let me get my hat.
0:46.9	I'm Katie, and I think that I can eat 15 to 20 shrimp.
0:51.3	I'm Alex.
0:52.1	I'm going to say I think I can eat 20 shrimp. I'm Jasper, and I know that I could eat like 30 to 50 shrimp. I'm Alex. I'm going to say I think I can eat 20 shrimp. I'm Jasper and I know that I could eat like 30 to 50 shrimp.
0:58.0	I just eat more shrimp and I eat shrimp and then more shrimp and more shrimp and now I'm paying
1:03.0	the price because my belly hurts and I'm ready for a nap.
1:06.0	Red Lobster started its endless shrimp promotions in 2004.
1:10.0	Once a year it would offer never-ending
1:12.0	shellfish at a bargain price for a limited time. Then in June,
1:15.8	2023, Red Lobster made it permanent to lure people back through its doors, even if that meant
1:22.8	losing money. Well, now it's May 2024, and for 11 months, America's been
1:29.2	demolishing red lobster shrimp
1:31.2	like a horde of hungry, hungry hippos
1:33.3	and the chain is
1:35.1	flat broke. Red Lobster
	...

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