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Joseph Lim :mastodon: (joseph11lim@mastodon.social)'s status on Friday, 24-May-2024 23:23:13 JST Joseph Lim :mastodon:

#UnbridledGreed #enshittification
"those mishaps look . like #selfsabotage, intended to hollow out the #restaurant chain to enrich its prev #privateequity owners, Golden Gate Capital. GGC crippled #RedLobster by selling off one of its most valuable assets, e #realestate it owned, in a #saleleaseback, for $1.5bil. With tt sale, GGC nearly made back its $2.1b purchase of 🦞, while turning the chain into a permanent leaser, adding a massive additional cost in e form of #rent"
https://prospect.org/economy/2024-05-22-raiding-red-lobster/
In conversation about 6 months ago from mastodon.social permalink
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  The Raiding of Red Lobster
  
  from https://prospect.org/topics/luke-goldstein/
  
  The bankrupt casual restaurant chain didn’t fail because of Endless Shrimp. Its problems date back to monopolist seafood conglomerates and a private equity play.

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