August 13, 2024 — Sales of fresh and frozen seafood across U.S. retailers declined in July despite continued price drops, but the dip was less severe than the months leading up to it.
The price per unit across all food and beverage categories rose 1.5 percent in July compared to July 2023, but prices across seafood categories declined in the month, according to data from market research firm Circana analyzed by 210 Analytics.
July 23, 2024 — Health-conscious consumers who covet its brain-enriching Omega-3 have helped make salmon one of the fastest-growing food sources on the planet. Victoria Beckham told The Wall Street Journal last year she considers it a dietary staple. She’s not alone. In America, salmon is the second-most popular seafood after shrimp.
The fish frenzy has driven prices higher and spawned new billionaires, such as Gustav Magnar Witzøe, a 31-year-old Norwegian heir to a salmon fortune and a fashion model who made a splash at this year’s Met Gala in a salmon-colored Versace cape.
Norway’s fjords and coasts are the farmed fish’s top habitat, with around 500 million salmon swimming in the chilly waters—a ratio of roughly 90 Norwegian salmon to every Norwegian human.
Atlantic salmon farming, introduced as overfishing and river pollution shrank the wild salmon population, increased 74 times from 1985 to 2022. Salmon are bred in tanks on land, then moved into the ocean, where they swim in giant ring-shaped nets until they’re ready for human consumption.
But these days, the industry is swimming upstream.
July 17, 2024 — Seafood prices across U.S. grocery stores have been falling for most of 2024, but American consumers continue to buy fewer products in the category.
Seafood prices dropped 1 percent year over year in June 2024, and 0.7 percent from May 2024, according to the U.S. Bureau of Labor Statistics’ Consumer Price Index.
July 17, 2024 — Thai Union has claimed in a court filing that restaurant chain Red Lobster owes it, along with its subsidiary Tri-Union Frozen Products, which conducts business as Chicken of the Sea Frozen Foods, nearly USD 3.7 million (EUR 3.4 million).
Thai Union, a longtime seafood supplier and former part-owner of Red Lobster, said in a filing to U.S. Bankruptcy Court in Orlando, Florida, that Red Lobster’s financial distress and “abrupt reductions of purchasing volumes caused Thai Union to accumulate a “high level” of excess inventory – valued at around USD 22.9 million (EUR 21 million).
July 17, 2024 — The U.S. Department of Agriculture (USDA) is planning to purchase USD 22 million (EUR 20 million) worth of Pacific rockfish and whiting (hake) from fishermen along the U.S. West Coast.
The USDA will buy USD 14 million (EUR 12 million) in West Coast whiting fillets and USD 8 million (EUR 7 million) in rockfish fillets, U.S. Senator Jeff Merkley (D-Oregon) and U.S. Sen. Ron Wyden (D-Oregon), along with U.S. Representative Suzanne Bonamici (D-Oregon), U.S. Rep. Val Hoyle (D-Oregon), and U.S. Rep. Andrea Salinas (D-Oregon), said in a press release.
July 11, 2024 — Nearly two months after filing for Chapter 11 bankruptcy, restaurant chain Red Lobster announced at a court hearing on 10 July it is considering pursuing an alternate path: reorganization
The Orlando, Florida, U.S.A.-based chain, which, for now, operates 570 restaurants, is still aiming to sell its company either to Fortress Credit – a private investment firm that focuses on distressed companies, has USD 48 million (EUR 44.3 million) under management, and is Red Lobster’s biggest creditor – or to other potential buyers.
July 9, 2024 — After closing more than 100 locations following the announcement of its bankruptcy, restaurant chain Red Lobster is hoping it can successfully negotiate leases on several additional locations that are on the chopping block.
At a creditor meeting held on 28 June, Red Lobster CEO Jonathan Tibus said the chain will close several additional restaurants because negotiations with landlords on the locations’ leases fell through.
July 8, 2024 — Aker BioMarine has sold its feed ingredients subsidiary to U.S. private equity firm American Industrial Partners (AIP) and Aker Capital.
The acquisition agreement for the Lysaker, Norway-based biotech and krill-harvesting company’s feed ingredients unit is based on an enterprise valuation of USD 590 million (EUR 545 million). The acquiring party will be a newly established company – owned 60 percent by AIP and 40 percent by Aker Capital – Aker BioMarine confirmed in a 3 July filing with the Euronext Oslo Stock Exchange.
July 8, 2024 — Seattle, Washington, U.S.A.-based pollock- and hake-fishing firm American Seafoods Group has paused its sale process.
In May 2023, Bregal Partners announced it would commence a sale process of its majority holding in the company.
June 19, 2024 — Fortress Credit Corp. has been confirmed as the stalking horse bidder in the auctioned sale of Red Lobster, approved to take place in late July by the judge overseeing the Orlando, Florida, U.S.A.-based seafood restaurant chain’s bankruptcy proceeding.
Fortress, a private investment firm with USD 48 million (EUR 44.7 million) under management and a focus on distressed companies, has become one of Red Lobster’s largest creditors.