What Killed Red Lobster? | Swimming with Sharks | 2

Business Wars

Wondery

History, Business, David Brown, Management

4.6 • 13.2K Ratings

🗓️ 12 March 2025

⏱️ 37 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

Red Lobster’s new owners dream up a bold plan to revitalize the chain. And they’ve got a Hail Mary — the lure of endless shrimp. But they’ve failed to recognize just how much shrimp Americans can down in one sitting. Celebrities and TikTokers send up a rallying cry to save the chain — but is it enough?

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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.
0:18.2	It's March 2022 and at Red Lobster's head office in Orlando, Florida, the new boss is leading a meeting of the company's high-level executives.
0:27.0	Her name is Kelly Valade, and she's been CEO for just eight months.
0:32.0	But today, there's a VIP visitor joining her and the executive team in the boardroom.
0:37.2	His name is Paul Kenny, an Australian
0:39.6	businessman with close-croped white hair. He's also a key member of the Seafood Alliance,
0:45.7	the group of investors that teamed up with seafood supplier Thai Union to buy control of Red Lobster.
0:52.1	Kenny listens as Valade gets to business.
0:55.9	Welcome, everyone.
1:01.2	Today, we're delighted to have Paul Kenny here with us all the way from Bangkok.
1:04.4	As you know, he's been visiting some of her restaurants.
1:08.6	And I think we're all excited to hear the thoughts he wants to share with... Before Valade can complete the introduction, Kenny stands and glars at the Red Lobster team.
1:13.6	All right, look, I've been up and down your country,
1:16.6	and we need to talk about what's going on in your restaurants.
1:19.6	What I've seen so far is a bloody shambles.
1:23.6	The Red Lobster executives stare in shock.
1:26.6	They know Kenny's experienced. He used to run
1:28.9	minor food, a company that operates hundreds of restaurants, including Burger King and Dairy Queen
1:33.2	franchises. But his experience is in Southeast Asia, not the United States. And the Red Lobster
1:38.9	team doesn't like the idea of some guy flying in from the other side of the world to tell him
1:42.9	they're not doing a good job.
	...

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