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Red Lobster eyes bankruptcy option after $11M in losses from endless shrimp (abcnews.go.com)

submitted 7 months ago by OldManBOMBIN to c/nottheonion

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"Last year, Red Lobster reported $11 million in operating losses following its flubbed 'Ultimate Endless Shrimp' deal, which backfired when it reeled in too many customers after the limited-time promo became a permanent menu fixture last June. The restaurant chain later reported $12.5 million in losses in the fourth quarter of 2023."

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[–] MisterNeon 21 points 7 months ago (1 children)

What does 11 million dollars in shrimp look like? Let alone 11 million in losses, how much god damn shrimp is that? Was cocktail sauce calculated into this?

[–] OldManBOMBIN 21 points 7 months ago (3 children)

The cost here for shitty frozen shrimp is about $13 for 2lbs of "31-40" (31-40 shrimp per lb); at that cost, averaging 35 shrimp per pound, you could buy approximately 29,615,385 shrimp, which would weigh around 400 tons. I think I did that math right. It's late.

[–] SpaceNoodle 16 points 7 months ago (1 children)

And you know they ain't buying it at the Piggly Wiggly, but at a deep discount they negotiated ages ago with their distributor(s).

[–] OldManBOMBIN 1 points 7 months ago

Those are Walmart prices, but yeah for sure

[–] MisterNeon 8 points 7 months ago (1 children)

Appreciate you. You're causing me and my friends to consider indoor shrimp farming for profit.

[–] OldManBOMBIN 4 points 7 months ago

Probably don't do that, but if you do, send me some shramp

[–] [email protected] 3 points 7 months ago (1 children)

I'll take two pallets of frozen shrimp please

[–] OldManBOMBIN 5 points 7 months ago

That'll be $4

(I have tiny pallets)