Boasting 670 locations around the world,Red Lobsteris synonymous with seafood (and its delicious cheddar biscuits).
These weren’t new units either; some had been staples in their respective communities for decades.
“As a result, we have concluded that these locations are no longer viable for Red Lobster.
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So what’s behind this downward trend?
It isn’t all bad news for Red Lobster.
Besides 2020, overall sales for the seafood juggernaut have been largely stable over the past five years.
The main problem is that business has yet to reach pre-pandemic levels.
Now, however, the company plans to take a more hands-on approach moving forward to ensure a turnaround.
“And before, it was really managed by our other partners.
But now, since the beginning of the year, we really started up in the management.”
The seafood chain has also been marred by a number of recent high-profile exits among its executive group.
VP of Strategic Sourcing Joe Zhou resigned just a few weeks ago after nearly a decade with the company.
Red Lobster is set to begin searching for a new, permanent CEO later this year.
“The situation is difficult, but I think we are on track,” Garnier continued.
“We see some positive signs from the operations side.
