Thai Union to book charge for exiting Red Lobster

Red Lobster’s ongoing financial requirements no longer align with Thai Union’s capital allocation priorities, CEO Thiraphong Chansiri said. — Bloomberg

Bangkok: Thai Union Group PCL, one of the world’s biggest makers of canned tuna, will take a roughly US$530mil charge as it plans to exit unprofitable unit Red Lobster.

Thai Union will book the one-time impairment charge in its fourth-quarter earnings after deciding to exit the US seafood restaurant chain, chief executive officer Thiraphong Chansiri said.