Shrimp Giant Thai Union Faces $295M Lawsuit Over Red Lobster's Collapse
Creditors of Red Lobster are suing former owner Thai Union Group, alleging the Bangkok-based seafood giant used the restaurant chain as a captive distribution arm for its own shrimp business, ultimately helping drive it into bankruptcy.
The complaint, filed in Florida's Ninth Judicial Circuit Court on behalf of creditors owed approximately $295 million, alleges that Thai Union — which held a controlling stake in the chain while simultaneously serving as its primary shrimp supplier — orchestrated a deliberate scheme to “squeeze every drop of value” from the company...
To Read Full Story Login Below.