Part of Red Lobster’s Parent Company Group is “Pursuing Exit”

Courtesy Google Maps

Thai Union Group PCL has an announced its intention to pursue an exit of its investment in Red Lobster. has two Montgomery County locations- Gaithersburg and Silver Spring. There is no current plan to close either restaurant.

Thai Union has been a Red Lobster shareholder since 2016 and in 2020 joined Red Lobster management and a new company called Seafood Alliance as owners of the company. Though technically a minority owner as part of a group, Thai Union is widely regarded as the parent company of Red Lobster.

In a press release last month, Thai Group stated that “Red Lobster’s ongoing financial requirements no longer align with our capital allocation priorities and therefore are pursuing an exit of our minority investment.” In an earnings call on Monday, Thai Union Group’s CEO Thiraphong Chansiri provided additional details about the sale saying that the company is preparing to launch a bidding process which could take up to four months, according to Restaurant Business. “We’re not expecting to get anything much from the sale,” Chansiri told investors during the call Monday, according to a transcript from AlphaSense.

The full press release from January can be seen below: “Since 2016, Thai Union has been a strategic partner and minority investor in Red Lobster. As previously disclosed in 2023, Thai Union and Red Lobster initiated a review of Red Lobster to identify areas for operational and financial improvement.

“The combination of Covid-19 pandemic, sustained industry headwinds, higher interest rates and rising material and labor costs have impacted Red Lobster, resulting in prolonged negative financial contributions to Thai Union and its shareholders,” said Thiraphong Chansiri, Thai Union Group’s CEO. “After detailed analysis, we have determined that Red Lobster’s ongoing financial requirements no longer align with our capital allocation priorities and therefore are pursuing an exit of our minority investment.”

The Group recorded a share of loss of THB 0.7 billion (USD 19 million) in the first nine months of 2023 from Red Lobster. While Thai Union continues to explore available options for its exit, the Group will record a one-time estimated THB 18.5 billion (USD 530 million) non-cash impairment charge for its whole investment in Red Lobster, which will be included in the Group’s fourth quarter 2023 earnings.

After impairment, Thai Union’s business and financial position remain strong with a low net debt/equity ratio of 0.84 To prove Thai Union’s strong financial position, the Board has approved a share repurchase for financial management purposes not exceeding THB 3.6 billion or 200 million shares. The Group continues to deliver improvements in profitability and gross profit margin across all core business categories. Thai Union is in the process of finalizing its Corporate Strategy 2030, which will focus on its core business, centered around Ambient Seafood, Frozen, and PetCare. Through this, Thai Union’s management will advance ongoing strategies that strengthen its overall profitability and deliver long-term enhanced value for the Group’s shareholders.

For more information, you can find the analyst update on the Red Lobster investment in this link.”

Recent Stories

Montgomery County Fire and Rescue Services (MCFRS) are currently on the scene of a multi-vehicle collision in Gaithersburg.

MCPS recently shared that seven of its students from seven different schools attended the High School Girls Policy Leadership Academy, hosted in partnership with Discovery Education, Voice4Equity, the U.S. Department…

Moby Dick House of Kabob, the local restaurant group that is currently expanding, has signed on to open a new restaurant in Potomac’s Cabin John Village. The new location will…

MCPS announced that two seniors have been named Cooke College Scholars by the Jack Kent Cooke Foundation. Mariel Arevalo Ballon of Wheaton High School, and Melat Ghebreselassie of Springbrook High…

17th Annual Kensington Day of the Book Festival

Now in its 17th year, the Kensington Day of the Book Festival is a family-friendly street festival featuring 150+ renowned authors, poets, and literary organizations. Enjoy live music on five stages, special guest speakers, military veteran writers and comedians, poetry readings, cookbook demos, children's program, and much more.

Admission is free, and attendees will also be able to explore a marketplace of books and food offerings from local vendors.

Not your average book festival! This festival offers something for everyone!

17th Annual Kensington Day of the Book Festival

Sunday, April 21, 2024, 11am-4pm (held rain or shine!)

Howard Avenue, Kensington, MD 20895

Instagram: @kensingtonbookfestival

Contact: Elisenda Sola-Sole, Festival Director

[email protected]

301-949-9416 (text preferred)

FEST OF SPRING Caribbean Wine Food & Music Festival

Get ready to experience the vibrant colors, tantalizing flavors, and infectious rhythms of the Caribbean at the FEST OF SPRING Caribbean Wine Food & Music Festival! Hosted by RHU LLC, this exciting festival is set to take place on May 18, 2024, at the picturesque 16700 Barnesville Rd in Boyds, MD.

Step into a world where the Caribbean spirit comes alive! From 12:00 PM onwards, immerse yourself in a sensory journey that celebrates the unique culture, cuisine, and music of the Caribbean. Whether you're an African American, a Reggae or Soca music enthusiast, a wine lover, or part of the vibrant Caribbean diaspora, this festival promises to delight and captivate you in every way.

Let the enticing aromas of mouthwatering Caribbean dishes tantalize your taste buds. Feast on traditional delicacies prepared by expert chefs, showcasing the rich and diverse culinary heritage of the Caribbean. Indulge in flavorful jerk chicken, succulent seafood, and delectable plantain dishes that will transport you straight to the islands.

Accompanying the culinary extravaganza is a carefully curated selection of premium wines, ensuring the perfect pairing for your palate. Sip on fine wines from renowned vineyards, each sip a reflection of the Caribbean's vibrant spirit. Discover new flavors, expand your wine knowledge, and savor unforgettable moments with every glass.

As the sun sets, get ready to groove to the infectious rhythms of Caribbean music. Feel the pulsating beats of reggae, soca, dancehall, and calypso, moving your body to the lively melodies. Live performances by talented musicians and performers will keep the energy high, ensuring a night of unforgettable entertainment.

Don't miss this opportunity to embrace the Caribbean spirit and celebrate the arrival of spring in style! Tickets are available on AllEvents, so secure your spot today. Join us at the FEST OF SPRING Caribbean Wine Food & Music Festival, where cultures collide and unforgettable memories are made.



2 NIGHT Camping packages available: RV/CAMPER $200 | TENTS $150 Starting on Friday May 17 @ 5pm | 30 RV SPACES | 30+ TENT SPACES



Subscribe to our mailing list