First the Admin. During the rest of the week I’ll be having windows replaced, including in my work space. In addition to the general work related disruption I’ll need to supervise (herd?) our cat, lest he foolishly make a break for freedom through an open window space. He did that once before and turned up months later at an animal shelter.
Good luck on cat patrol! Yup, Zourabichvili probably set her mind and her career path, at a young age, on returning to Georgia, à la “Liberty Leading the People” (Delacroix). She even relinquished her French citizenship to run for president there in 2018. A member of the French foreign service, she vaulted through the ranks of the French diplomatc core serving under many presidents, frm Mitterrand down to Sarkozy. She was born in Paris to “liberal intelligentsia” parents who had fled to France from Georgia during the 1921 Red Army invasion. She was a brilliant student and focused on Soviet history and the Cold War. Her postings took her to Rome, DC, the UN and Georgia, where for a number of years now she has been involved in politics. Not very beloved of the parliament there, which found grounds for her impeachment last year, but the vote failed. She is of course bent on getting Georgia into the EU and Nato. Yes, it was bizarre that she referred to the legislation to register foreign NGO’s and their sponsors (like the FARA) as “Russian!” I shudder to think we haven’t heard the last of her…
I hope not - but as history shows, the Georgian people have endured over the centuries numerous invaders and occupiers, from the Persians, Turks, Mongols and later, a home-grown known as Josef Stalin…I get the feeling though that Salome has been nurtured and trained in the Cold War, Soviet view of Russia, given the history, and sees membership in the Western clubs as the solution now for Georgia. She may have no idea (although if she paused to consider Maidan and its tragic consequences for Ukraine) that the US can be a very fickle friend indeed!
1. Company was bought by a hedge fund paying a 9 cap in 2014.
2. Hedge fund then sold off real estate to fund purchase. Real estate purchasers then had long term leases with each red lobster's location. People selling apartments tired of toilets, tenants issues of management are pitched these type of deals. Continual income with no work. McDonald’s leases their properties to franchises. Lots of restaurants lease to free up cash flow.
3. Covid hurt sales and ability to pay those leases.
4. Bidenomics has continued pain and made lower income segment eat out less.
5. Major supplier of shrimp, Thai Union, bought interest in red lobster and took over management, and did a poor job, cutting back on marketing and other cutting. There has been a lack of investment for years.
6. Endless shrimp is being used as an excuse. For this size business $11 million loss is pocket change. Thai union paid $575 million for their stake. It was done successfully for 20 years.
7. Due to Covid, trend of work from home has exploded, so less people eating lunch out.
https://www.youtube.com/watch?v=Ak_MTXQALa0
Couldn't help it. Love the song and Al Stewart!
Absolutely gold, and so is Time Passages.
Good luck on cat patrol! Yup, Zourabichvili probably set her mind and her career path, at a young age, on returning to Georgia, à la “Liberty Leading the People” (Delacroix). She even relinquished her French citizenship to run for president there in 2018. A member of the French foreign service, she vaulted through the ranks of the French diplomatc core serving under many presidents, frm Mitterrand down to Sarkozy. She was born in Paris to “liberal intelligentsia” parents who had fled to France from Georgia during the 1921 Red Army invasion. She was a brilliant student and focused on Soviet history and the Cold War. Her postings took her to Rome, DC, the UN and Georgia, where for a number of years now she has been involved in politics. Not very beloved of the parliament there, which found grounds for her impeachment last year, but the vote failed. She is of course bent on getting Georgia into the EU and Nato. Yes, it was bizarre that she referred to the legislation to register foreign NGO’s and their sponsors (like the FARA) as “Russian!” I shudder to think we haven’t heard the last of her…
Ukraine part deux coming.
I hope not - but as history shows, the Georgian people have endured over the centuries numerous invaders and occupiers, from the Persians, Turks, Mongols and later, a home-grown known as Josef Stalin…I get the feeling though that Salome has been nurtured and trained in the Cold War, Soviet view of Russia, given the history, and sees membership in the Western clubs as the solution now for Georgia. She may have no idea (although if she paused to consider Maidan and its tragic consequences for Ukraine) that the US can be a very fickle friend indeed!
In other words, she's just another Davbot.
Educated guesses on what happened to Red Lobster:
1. Company was bought by a hedge fund paying a 9 cap in 2014.
2. Hedge fund then sold off real estate to fund purchase. Real estate purchasers then had long term leases with each red lobster's location. People selling apartments tired of toilets, tenants issues of management are pitched these type of deals. Continual income with no work. McDonald’s leases their properties to franchises. Lots of restaurants lease to free up cash flow.
3. Covid hurt sales and ability to pay those leases.
4. Bidenomics has continued pain and made lower income segment eat out less.
5. Major supplier of shrimp, Thai Union, bought interest in red lobster and took over management, and did a poor job, cutting back on marketing and other cutting. There has been a lack of investment for years.
6. Endless shrimp is being used as an excuse. For this size business $11 million loss is pocket change. Thai union paid $575 million for their stake. It was done successfully for 20 years.
7. Due to Covid, trend of work from home has exploded, so less people eating lunch out.
7. Bankruptcy will void uneconomical leases.
Reference:
https://www.cnn.com/2024/05/20/business/what-went-wrong-at-red-lobster/index.html
Squeeze every Dollar out of nominal productivity and financialize it to the greatest exponent possible. The new American dream.
Dang, all I wanted was a cheddar biscuit too.
Interesting how the news does not mention the hedge fund and what is really going on. Basically using bankruptcy to fix the Red Lobster's financials.
Pretty common approach for Chapter 11. Agree $11M isn't all that much. They'll rebound.
Sounds like a Mittens Romney type of move with the vulture capital funds
How about Black Rock?
…sounds more like extortion!