Canned-Tuna Giant to Book a Multimillion-Dollar Charge for Exiting Red Lobster

Thai Union Group PCL, one of the world’s biggest makers of canned tuna, will take a roughly $530 million non-cash charge as it plans to exit unprofitable unit Red Lobster.

Thai Union will book the one-time impairment charge in its fourth-quarter earnings after deciding to exit the US seafood restaurant chain, Chief Executive Officer Thiraphong Chansiri said. Red Lobster’s ongoing financial requirements no longer align with Thai Union’s capital allocation priorities, he added.