Jarrod_Uncut Posted March 3 Share Posted March 3 (edited) I’d even go a step further and say: I’m not super familiar with the current state of the restaurant industry but: it def seems they are some of the few places that can get by on this supposed “tight” economy. Most places around town are buzzing for Sunday brunch, dinner, etc. Meanwhile I feel escort stuff is lagging. Even if there’s clients hiring, there’s still a lot of guys to choose from: and me and a client advisor were just having a discussion tonight, it’s more than what seems sustainable. I’m considering setting my sights on culinary, but I seen the nitty gritty working at restaurants (watching stuff like Hell’s Kitchen and kitchen nightmares are good examples lol). It seems safer to be an escort than a flight attendant, and less abuse than working at a restaurant. My clients would never get away with the language Gordon Ramsay uses 👋🏽 😂 Edited March 3 by Jarrod_Uncut + Vegas_Millennial 1 Link to comment Share on other sites More sharing options...
marylander1940 Posted April 19 Author Share Posted April 19 well, I helped! Red Lobster Is Reportedly Heading For Bankruptcy After Losing Millions On Endless Shrimp WWW.DELISH.COM They blame the pandemic and rising labor costs. pubic_assistance 1 Link to comment Share on other sites More sharing options...
+ BenjaminNicholas Posted April 19 Share Posted April 19 Someone at Darden is quietly laughing right now. They sold RL off at the top of it's worth. In hindsight, a very, very smart move. + Vegas_Millennial 1 Link to comment Share on other sites More sharing options...
DaltonJ Posted April 19 Share Posted April 19 I’d do $20 just for the biscuits! 😋 + azdr0710, + Vegas_Millennial, samhexum and 1 other 1 3 Link to comment Share on other sites More sharing options...
samhexum Posted May 14 Share Posted May 14 The troubled Red Lobster restaurant chain is closing down at least 48 of its roughly 650 branches across the US, according to a restaurant liquidation company. Neal Sherman, the chief executive of TAGeX Brands, said on LinkedIn on Monday that it was assisting with the rapid closure of Red Lobsters in 21 US states, starting today. All of the equipment from the restaurants is now being sold off. "TAGeX Brands is proud to launch the largest restaurant liquidation EVER really? you're PROUD of this? through its online auction marketplace," said Mr Sherman. "The furniture, fixtures, and equipment from select Red Lobster locations MUST GO ASAP!" The closures included five branches in California and Florida, four in Colorado and Maryland, three in Georgia, New York, Texas, and Virginia, and many others across the country. It comes after reports that the Florida-based seafood chain is considering filing for bankruptcy after years of cost-cutting by its parent company. In 2023, the struggling company was further knocked off balance by a $20 endless shrimp offer that proved unexpectedly popular with customers, reportedly costing it millions of dollars. The all-you-can-eat menu option was previously a time-limited promotional offer. But when Red Lobster made it permanent, patrons ended up eating far more shrimp than the restaurant could afford, while taking up tables and lengthening wait times for new arrivals. "We were expecting an increase of 20 per cent in customer traffic, but the actual number was up to 40 per cent," said Thiraphong Chansiri, the chief executive of Red Lobster's parent company Thai Union, last November. In January, Thai Union announced it would end its involvement with Red Lobster after eating a $530m loss on its initial investment, which it blamed on the Covid-19 pandemic and the rise of interest rates around the world. Red Lobster did not immediately respond to a request for comment. + augustus 1 Link to comment Share on other sites More sharing options...
ericwinters Posted May 14 Share Posted May 14 I've been in hospitality ALL my life... I can't imagine a win-win-win in any ALL YOU CAN EAT situation... (guest, company, employee) thomas, pubic_assistance and MikeBiDude 2 1 Link to comment Share on other sites More sharing options...
pubic_assistance Posted May 14 Share Posted May 14 I read the list of closings. It's interesting to note that there's a duality to the types of communities they are pulling out of. Firstly and more obviously they are exiting a lot of struggling middle class communities..but interestingly they are also pulling out of several upper income communities. I am guessing those locations struggle because there is too much competition from ACTUAL seafood restaurants. The others are simply a victim of the collapse of the middle class in the United States. + Pensant, marylander1940 and + augustus 1 2 Link to comment Share on other sites More sharing options...
SouthOfTheBorder Posted May 14 Share Posted May 14 25 minutes ago, pubic_assistance said: The others are simply a victim of the collapse of the middle class in the United States. this sounds accurate - plus, consumer tastes are changing. due to Instagram & other social media platforms, RL type restaurants are no longer in fashion because they’re too mass market - the 40 & under crowd want an “experience” & something precious now ……that isn’t gonna happen at RL. Combine all that with foolish money-losing (desperate) promotions and the writing is on the wall. you can’t make money when people are only coming to all you can eat whatever - probably very little high margin alcohol sold also bc the clientele just won’t pay. pubic_assistance 1 Link to comment Share on other sites More sharing options...
MikeBiDude Posted May 14 Share Posted May 14 In SoCal real estate and food & beverage industry they’ve been dubbed “Dead Lobster”. marylander1940, + Pensant and + augustus 1 2 Link to comment Share on other sites More sharing options...
maninsoma Posted May 14 Share Posted May 14 2 hours ago, SouthOfTheBorder said: this sounds accurate - plus, consumer tastes are changing. due to Instagram & other social media platforms, RL type restaurants are no longer in fashion because they’re too mass market - the 40 & under crowd want an “experience” & something precious now ……that isn’t gonna happen at RL. Combine all that with foolish money-losing (desperate) promotions and the writing is on the wall. you can’t make money when people are only coming to all you can eat whatever - probably very little high margin alcohol sold also bc the clientele just won’t pay. I have a very good local Indian restaurant that does an all you can eat lunch buffet and their food is good quality, but they charge a lot more than $20 (if I recall, it's about $35). The food is very rich, so I doubt that most people eat so much that the restaurant is losing money. Their regular menu prices are on the high side and they do a good dinner business, so maybe their profits at that time of day help offset not making much off the buffet. I don't know their financials, so I'm just speculating. I just wanted to add to this conversation that I think it's possible to do an all you can eat menu, but not in the way Red Lobster implemented it. I haven't been to a Red Lobster for 40 years, so I have no comment on their food quality. I don't remember ever thinking it was very good, though. Given how many large chain restaurants seem to have only gone downhill in terms of food quality over the past few decades, though, I wonder if it's even worse than I remember. Link to comment Share on other sites More sharing options...
samhexum Posted May 14 Share Posted May 14 (edited) 5 hours ago, MikeBiDude said: In SoCal real estate and food & beverage industry they’ve been dubbed “Dead Lobster”. I've called it that for 50 years... I mean, people would have been aghast if they'd been served live lobster to dine on, right? Edited May 14 by samhexum because he's bored as hell pubic_assistance 1 Link to comment Share on other sites More sharing options...
marylander1940 Posted May 15 Author Share Posted May 15 12 hours ago, pubic_assistance said: I read the list of closings. It's interesting to note that there's a duality to the types of communities they are pulling out of. Firstly and more obviously they are exiting a lot of struggling middle class communities..but interestingly they are also pulling out of several upper income communities. I am guessing those locations struggle because there is too much competition from ACTUAL seafood restaurants. The others are simply a victim of the collapse of the middle class in the United States. Great analysis! Red Lobster is closing nearly 50 restaurants. Here's where they're located. WWW.CBSNEWS.COM The struggling restaurant chain is moving to cut costs by shuttering restaurants in 21 states. pubic_assistance 1 Link to comment Share on other sites More sharing options...
+ friendofsheila Posted May 15 Share Posted May 15 =endless cholesteraol. got any nitroglycerin tablets at the table? pubic_assistance, samhexum and + Pensant 1 2 Link to comment Share on other sites More sharing options...
MikeBiDude Posted May 15 Share Posted May 15 1 hour ago, friendofsheila said: =endless cholesteraol. got any nitroglycerin tablets at the table? And the food police have checked in 🤣😉 pubic_assistance, mike carey and samhexum 1 1 1 Link to comment Share on other sites More sharing options...
+ BenjaminNicholas Posted May 15 Share Posted May 15 1 hour ago, friendofsheila said: =endless cholesteraol. got any nitroglycerin tablets at the table? You're not allowed to bitch about it if you can't spell it correctly. KeepItReal, + Pensant, pubic_assistance and 5 others 2 1 1 4 Link to comment Share on other sites More sharing options...
+ augustus Posted May 15 Share Posted May 15 People just have less disposable income to dispose of these days. + Pensant, + Vegas_Millennial and pubic_assistance 3 Link to comment Share on other sites More sharing options...
KeepItReal Posted May 15 Share Posted May 15 6 hours ago, augustus said: People just have less disposable income to dispose of these days. Per capital disposable income in higher today ($50,789) than it was in 2019 ($47,226). [IBIS] + Travis69, + Vegas_Millennial and MikeBiDude 1 1 1 Link to comment Share on other sites More sharing options...
+ augustus Posted May 15 Share Posted May 15 (edited) 2 hours ago, KeepItReal said: Per capital disposable income in higher today ($50,789) than it was in 2019 ($47,226). [IBIS] United States Real Per Capita Personal Income: Annual Percent Change, 1959-2023....... Incorrect! REAL disposal income (adjusted for inflation) is down and even worse than the above graph shows, as the inflation rate is officially understated. It's all over the news. United States | Per Capita Personal Income Trends over 1958-2023 (reaproject.org) Edited May 15 by augustus + Vegas_Millennial 1 Link to comment Share on other sites More sharing options...
+ augustus Posted May 15 Share Posted May 15 The latest CPI numbers are a joke! 3.4%, which we all know will be adjusted to between 3.6% to 3.8% next month, doesn't include food and fuel which every single American uses, or even service inflation which is now getting out of control. Just try getting your car repaired. Link to comment Share on other sites More sharing options...
KeepItReal Posted May 15 Share Posted May 15 40 minutes ago, augustus said: United States Real Per Capita Personal Income: Annual Percent Change, 1959-2023....... Incorrect! REAL disposal income (adjusted for inflation) is down and even worse than the above graph shows, as the inflation rate is officially understated. It's all over the news. United States | Per Capita Personal Income Trends over 1958-2023 (reaproject.org) The chart you provided is for change in personal income. That is not the same as disposable income. Ask your CPA. + augustus and + BenjaminNicholas 1 1 Link to comment Share on other sites More sharing options...
+ augustus Posted May 15 Share Posted May 15 11 minutes ago, KeepItReal said: The chart you provided is for change in personal income. That is not the same as disposable income. Ask your CPA. Are you serious?? Tax rates have stayed the same the past few years. KeepItReal 1 Link to comment Share on other sites More sharing options...
KeepItReal Posted May 15 Share Posted May 15 12 minutes ago, augustus said: Are you serious?? Tax rates have stayed the same the past few years. No, they have not! Tax brackets and deductions are adjusted every year. Ask your CPA! + augustus and + Vegas_Millennial 2 Link to comment Share on other sites More sharing options...
+ augustus Posted May 15 Share Posted May 15 1 minute ago, KeepItReal said: No, they have not! Tax brackets and deductions are adjusted every year. Ask your CPA! Just stop. Here's the numbers from the Federal Reserve on REAL disposal income. It has dropped nearly 10% since 2020. It was $54,327 in April, 2020 and now it is $50,417 in April, 2024. FRED Economic Data FRED.STLOUISFED.ORG Real Disposable Personal Income: Per Capita KeepItReal 1 Link to comment Share on other sites More sharing options...
+ augustus Posted May 15 Share Posted May 15 4 minutes ago, KeepItReal said: No, they have not! Tax brackets and deductions are adjusted every year. Ask your CPA! Yeah, adjusted for inflation. Be serious. You claimed to have a Master's in Economics. Not. KeepItReal 1 Link to comment Share on other sites More sharing options...
KeepItReal Posted May 15 Share Posted May 15 (edited) 11 minutes ago, augustus said: Just stop. Here's the numbers from the Federal Reserve on REAL disposal income. It has dropped nearly 10% since 2020. It was $54,327 in April, 2020 and now it is $50,417 in April, 2024. FRED Economic Data FRED.STLOUISFED.ORG Real Disposable Personal Income: Per Capita Great chart...but did you actually look at it? Covid stimulus was paid in March 2020 so of course you will pick April 2020 when there is an artificial high! 🙄 When you start with January 2020 instead it looks a bit different, yes? How about you compare Jan 2020 to Jan 2024 instead? Edited May 15 by KeepItReal + augustus 1 Link to comment Share on other sites More sharing options...
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