More Perfect Union:
Red Lobster had $2.3B in sales in 2021. Now it's filing for bankruptcy. Some blame endless shrimp, but the truth is simpler: private equity
Golden Gate Capital, a private equity firm, bought them in 2014.
To finance this deal, Golden Gate sold off Red Lobster's real estate to another entity —American Realty Capital Properties — and then immediately leased the restaurants back.
Suddenly, restaurants had extra rent expenses...
#CapitalismIsKillingYou
https://www.businessinsider.com/red-lobster-endless-shrimp-bankruptcy-private-equity-debt-real-estate-2024-5
toussaint /
npub15f…7sm4v
2024-05-20 19:20:55
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npub15f86jylf86ud0n32ze5kldzk32ar64a4fwszmrg4q5q4f85sylnqh7sm4vPublished at
2024-05-20 19:20:55Event JSON
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"content": "More Perfect Union:\nRed Lobster had $2.3B in sales in 2021. Now it's filing for bankruptcy. Some blame endless shrimp, but the truth is simpler: private equity\nGolden Gate Capital, a private equity firm, bought them in 2014. \n\nTo finance this deal, Golden Gate sold off Red Lobster's real estate to another entity —American Realty Capital Properties — and then immediately leased the restaurants back.\nSuddenly, restaurants had extra rent expenses...\n#CapitalismIsKillingYou \nhttps://www.businessinsider.com/red-lobster-endless-shrimp-bankruptcy-private-equity-debt-real-estate-2024-5",
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