Thai Union Group Public Company Limited, one of the world’s biggest makers of canned tuna, is considering an exit from its loss-making Red Lobster unit less than three years after boosting its stake in the United States restaurant chain.
The first half of this year will be crucial in demonstrating whether management changes and an operational overhaul can trim losses at the world’s largest seafood restaurant chain, according to Chief Executive Officer Thiraphong Chansiri. Losses at Red Lobster, which hit US$9.8 million in the final quarter of last year, have weighed on Thai Union’s results that have otherwise seen growing revenue driven by its pet food and ambient seafood businesses.
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