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The demise of Red Lobster is a perfect case study in how to kill a business
(www.businessinsider.com)
this post was submitted on 21 May 2024
134 points (97.2% liked)
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I can’t tell you how many articles I’ve read lately that can just be summed up as “late-stage capitalism”. This is the death throes of the nation.
"Shitty overpriced chain restaurant unable to compete with shitty, overpriced but locally owned restaurant."
Yeah, but shitty chain restaurant that may have had a chance to improve had it not had its organs harvested while still alive. I honestly don’t give a shit about red lobster but I hate the corporate theft that we just let happen.
Red Lobster has been going downhill for decades. It's probably better to put it out of its misery than let it limp along for 20 more years.
I don't see any "corporate theft" here at all. It's not like a mom & pop was bought and then closed. It's just another shitty corporate owned business unable to operate as if it's still 1970 closing their doors. Nothing of value was lost.
I mean, the article goes into how their real estate was gutted, which could have provided a safety margin for them to restructure. But again, I care nothing for red lobster, but I see the same pattern as happened with so many others. Read into Sears or Toy-R-Us for example. It’s the pattern of these parasitic private equity firms. They look for these struggling businesses that have assets they can come in to exploit, hastening the demise.
In the end it’s not so much that I care about these businesses survival as I angers me to see a few corporate fucks stripping away the value that workers had built over the years and leaving destruction in the wake.