How private equity rolled Red Lobster [Yahoo! Finance]
Moody's Corporation (MCO)
Last moody's corporation earnings: 4/30 07:00 am
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Source: Yahoo! Finance
Red Lobster was America's largest casual dining operation, serving 64 million customers a year in almost 600 locations across 44 states and Canada. Its May 19 bankruptcy filing and closing of almost 100 locations across the country has devastated its legion of fans and 36,000 workers. The chain is iconic enough to be featured in a Beyonce song. Assigning blame for company failures is tricky. But some analysts say the root of Red Lobster's woes was not the endless shrimp promotions that some have blamed. Yes, the company lost $11 million from the shrimp escapade, its bankruptcy filing shows, and suffered from inflation and higher labor costs. But a bigger culprit in the company's problems is a financing technique favored by a powerful force in the financial industry known as private equity. The technique, colloquially known as asset-stripping, has been a part of retail chain failures such as Sears, Mervyn's and ShopKo as well as bankruptcies involving hospital and nursing home ope
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MCO
Earnings
- 5/3/24 - Beat
MCO
Sec Filings
- 6/11/24 - Form 4
- 6/11/24 - Form 4
- 6/11/24 - Form 4
- MCO's page on the SEC website