It wasn't the endless shrimp that pinched Red Lobster. How private equity rolled the seafood chain. [MSNBC.com]
Realty Income Corporation (O)
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Source: MSNBC.com
The sale/leaseback that helped sink Red Lobster involved the July 2014 sale of premium real estate underneath 500 of its stores, which generated $1.5 billion. But that money didn’t go back into Red Lobster; it went instead to the private-equity firm to finance its purchase of the chain,Red Lobster's press release saidshowsThe $1.5 billion sale crippled Red Lobster. After the real estate was sold, Red Lobster had to pay rent on stores it had previously owned, significantly increasing its costs. According to the bankruptcy filing, by 2023 its rents totaled $200 million a year or approximately 10% of its revenues.Asked about the negative impact the sale/leaseback had on Red Lobster, a Golden Gate spokeswoman declined to comment.The company that bought the properties, American Realty Capital Partners, got a very good deal, the press release announcing the sale/leaseback said. It characterized the Red Lobster stores it had purchased as “irreplaceable locations” and “high-quality real estat
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Earnings
- 5/6/24 - Miss
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Sec Filings
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- 6/3/24 - Form 4
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- O's page on the SEC website