However proudly owning Pink Lobster left such a “massive scar” on Chansiri that he informed traders in February that he was swearing off lobsters perpetually.
“Different folks cease consuming beef. I’ll cease consuming lobster,” Chansiri stated in an earnings name — a potential reference to how some followers of Buddhism want to not devour beef and different meat merchandise.
On Might 19, Pink Lobster stated in a assertion that it had filed for Chapter 11 chapter after it sustained main working losses in 2023. Pink Lobster stated its eating places will “stay open and working as standard in the course of the Chapter 11 course of.”
Chansiri, a Thai enterprise government, might need studied enterprise administration within the US, however an historical Chinese language apply often called feng shui appeared to have an enormous affect on how he ran Pink Lobster as effectively.
Feng shui, which suggests “wind” and “water” in Chinese language, focuses on attaining concord between an atmosphere and its inhabitants.
Former Pink Lobster executives informed CNN in a story revealed Saturday that Chansiri consulted a feng shui guide named Angel when he visited their headquarters in 2022.
Chansiri determined to depart Pink Lobster’s government places of work empty after Angel stated the rooms had dangerous feng shui, CNN reported, citing a former Pink Lobster government.
Thai Union did not reply to questions raised by CNN concerning the allegations raised of their story. Representatives for Thai Union did not instantly reply to a request for remark from BI despatched exterior common enterprise hours.
A lot hypothesis has swirled round why Pink Lobster filed for chapter. For one, the seafood chain’s ill-fated resolution to make its “Countless Shrimp” deal a each day promotion backfired, leaving it with working losses of $11 million and $12.5 million within the third and fourth quarters of 2023 respectively.
However Pink Lobster’s fall additionally forged a highlight on the harm non-public fairness corporations can inflict on portfolio firms.
In 2014, longtime Pink Lobster proprietor Darden Eating places offered the corporate to Golden Gate Capital for $2.1 billion. The funding agency financed the acquisition by promoting off Pink Lobster’s real-estate holdings. Pink Lobster’s operation prices went up because it now needed to lease its eating places as a substitute.
Then, in 2020, Thai Union assumed majority possession of Pink Lobster after Golden Gate Capital offered its remaining fairness stake to them.
However the change in possession introduced little reduction to Pink Lobster. The corporate has seen frequent turnover in its government ranks.
In actual fact, the corporate simply onboarded its newest CEO. Turnaround professional Jonathan Tibus was named CEO in March, making him Pink Lobster’s third CEO since 2021.
Final week, Tibus questioned the “outsized affect” that Thai Union had on Pink Lobster’s shrimp buying. Apart from proudly owning them, Thai Union can also be Pink Lobster’s key seafood provider.
Tibus accused Pink Lobster’s then-interim CEO Paul Kenny of straining Pink Lobster’s provide chain when he axed two shrimp suppliers “in obvious coordination with Thai Union.”
A Thai union spokesperson beforehand informed BI’s Meghan Morris that Tibus’ allegations are “meritless.”
“Thai Union has a been a provider to Pink Lobster for greater than 30 years, and we intend for that relationship to proceed,” the corporate stated.
