Exit From Red Lobster Restaurant Brings Record Loss to Thai Seafood Giant
- Thai Union’s restaurant write-off comes on strategy review
- Chicken of the Sea owner has $479 million fourth-quarter loss
Red Lobster signage outside a restaurant in Clarksville, Indiana, US.
Photographer: Luke Sharett/Bloomberg
Thai Union Group Pcl, one of the world’s biggest seafood processors, posted a record quarterly loss after writing off investment in its Red Lobster restaurant unit.
The company, which also controls the Chicken of the Sea brand, reported a net loss of 17.2 billion baht ($479 million) in the fourth quarter, compared with a net profit of 1.24 billion in October-December a year earlier. Shares fell as much as 1.3% Monday on the Stock Exchange of Thailand.