Essentially, a Thailand based canned seafood company, Thai Union, had more shrimp than they could sell, so they were starting to lose money. In 2020 they purchased a majority share of Red Lobster stock, then installed their own CEO.

That CEO then signed a deal with the shrimp supplier, agreeing to exclusively buy shrimp from them for whatever price they wanted.

This let Thai Union more or less drain the Red Lobster coffers. Then Thai Union sold their stake in January, just in time for Red Lobster to file bankruptcy.

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