THAT IS A LOT OF SHRIMP.
During quarter 3 of Red Lobster's fiscal year, the seafood chain says they lost $11 million on their "Endless Shrimp" offering.
$11 million!
I'm gonna go ahead and blame the about 11 million YouTube videos and TikToks asking "is this REALLY endless shrimp?" for most of the losses.
(And maybe George Costanza.)
Last year, Red Lobster saw a big loss in its third-quarter earnings after it expanded its Endless Shrimp promotion to an everyday event, rather than its traditional Mondays-only offering. Prices were higher, but so many people took advantage of the deal — and some to a gluttonous extreme — that earnings tumbled.
'It's one of the iconic promotions for Red Lobster, so we want to keep it on the menu,' Ludovic Garnier, chief financial officer of Thai Union Group (which owns a stake in Red Lobster), told investors on a call in November. 'But, of course, we need to be much more careful regarding what is the entry point and what is the price point.'
These gluttonous TikTokers are going to cost the real shrimp lovers their endless shrimp!
They've done this promotion for years, but it used to be only Monday. When they expanded it to all week the company took a jumbo hit.
Not to be deterred, however, the lobster chain now says they'll be offering an "Endless Lobster" promotion. But only for 150 people. And there are LOTS of hoops to jump through to qualify, like being a member of the club (finding clues on social media, etc.).
If they do that for Endless Shrimp this year ...
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