Red Lobster files for bankruptcy after missteps including all-you-can-eat shrimp
10 months, 1 week ago

Red Lobster files for bankruptcy after missteps including all-you-can-eat shrimp

NPR  

Red Lobster files for bankruptcy after missteps including all-you-can-eat shrimp Enlarge this image toggle caption Alina Selyukh/NPR Alina Selyukh/NPR Red Lobster, America's largest seafood chain known for its shrimp and Cheddar Bay biscuits, has filed for bankruptcy. Red Lobster's troubles include "a difficult macroeconomic environment, a bloated and underperforming restaurant footprint, failed or ill-advised strategic initiatives, and increased competition within the restaurant industry," Tibus wrote in court documents. Since 2020, Red Lobster has been run by its largest shareholder: Thai Union Group, a seafood supplier also behind the Chicken of the Sea brand. In this week's Chapter 11 filing, Red Lobster says it has a prearranged bid, known as a "stalking horse" bid, from its lenders to buy out the chain, unless it receives a higher rival bid.

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History of this topic

Red Lobster introduces brand-new Happy Hour menus with $5 drink specials and $2 off appetizers
3 months, 4 weeks ago

Red Lobster introduces brand-new Happy Hour menus with $5 drink specials and $2 off appetizers

Salon  

Red Lobster may not be bringing back its infamous $20 endless shrimp deal anytime soon, but the fast-casual seafood chain has several new value options for its loyal customers. In a recent press release, Red Lobster announced the launch of its happy hour menus at participating restaurants nationwide. “With the launch of Red Lobster's new happy hour, guests can enjoy …

Red Lobster is making a comeback — without its famed endless shrimp deal
4 months, 2 weeks ago

Red Lobster is making a comeback — without its famed endless shrimp deal

Salon  

After receiving court approval for its restructuring plan to continue operating under a new firm, Red Lobster has announced that it’s revamping its menu and getting rid of the one deal that drove it into bankruptcy. In an exclusive interview with Today, Adamolekun told Savannah Sellers that Red Lobster’s menu will include seven new items and re-introduce two fan-favorite dishes. …

Red Lobster and TGI Fridays are closing. Here’s what’s moving in
4 months, 2 weeks ago

Red Lobster and TGI Fridays are closing. Here’s what’s moving in

CNN  

New York CNN — In Woodbridge, Virginia, LongHorn Steakhouse will take over an old TGI Fridays. This is completely expected,” said Jeff Kreshek, a senior vice president at Federal Realty, which owns one vacant Red Lobster property in Maryland and two TGI Fridays real estate locations that remain open in Maryland and California. Elijah Nouvelage/Getty Images “A lot of former …

Red Lobster and TGI Fridays are closing. Here’s what’s moving in
4 months, 2 weeks ago

Red Lobster and TGI Fridays are closing. Here’s what’s moving in

CNN  

New York CNN — In Woodbridge, Virginia, LongHorn Steakhouse will take over an old TGI Fridays. This is completely expected,” said Jeff Kreshek, a senior vice president at Federal Realty, which owns one vacant Red Lobster property in Maryland and two TGI Fridays real estate locations that remain open in Maryland and California. Elijah Nouvelage/Getty Images “A lot of former …

Fans rejoice as Red Lobster exits bankruptcy with new owners
6 months, 1 week ago

Fans rejoice as Red Lobster exits bankruptcy with new owners

The Independent  

Sign up to IndyEat's free newsletter for weekly recipes, foodie features and cookbook releases Get our food and drink newsletter for free Get our food and drink newsletter for free SIGN UP I would like to be emailed about offers, events and updates from The Independent. Back in June, the rapper famously ordered the entire menu at his local Red …

Red Lobster bankruptcy exit gets green light. Fate of the all-you-can-eat shrimp deal unclear
6 months, 3 weeks ago

Red Lobster bankruptcy exit gets green light. Fate of the all-you-can-eat shrimp deal unclear

LA Times  

A judge has approved Red Lobster’s reorganization plan, clearing the way for the casual dining chain to exit Chapter 11 bankruptcy protection. The company said in a bankruptcy filing that customer traffic had fallen by nearly a third since 2019. Business Red Lobster offered customers all-you-can-eat shrimp. That was a mistake Red Lobster gambled that offering customers all the shrimp …

Huge update in Red Lobster bankruptcy saga as hundreds of restaurants on the brink get last-minute lifeline
6 months, 3 weeks ago

Huge update in Red Lobster bankruptcy saga as hundreds of restaurants on the brink get last-minute lifeline

Daily Mail  

Red Lobster will soon exit Chapter 11 bankruptcy protection after a judge approved its sale on Thursday. A judge has approved the sale of Red Lobster Fortress is experienced in restaurant management - also owning Krystal, Logan's Roadhouse and J Alexander's - and had previously given Red Lobster a $100 million loan to allow it to keep operating. Adamolekun said …

Red Lobster says it will soon exit bankruptcy protection after judge approves seafood chain’s sale
6 months, 3 weeks ago

Red Lobster says it will soon exit bankruptcy protection after judge approves seafood chain’s sale

Associated Press  

NEW YORK — After months of dozens of restaurant closings and headlines about “endless shrimp” woes, Red Lobster says it will soon exit from Chapter 11 bankruptcy protection. In a statement Thursday, Adamolekun said that Red Lobster “has a tremendous future” and thanked Jonathan Tibus, who will leave the company and step down as CEO, for his leadership during the …

New owners for Red Lobster revealed - as it emerges the debt-ridden chain owes $21 million for shrimp alone
8 months, 1 week ago

New owners for Red Lobster revealed - as it emerges the debt-ridden chain owes $21 million for shrimp alone

Daily Mail  

Bankrupt Red Lobster announced its new owners Monday, while also letting it slip that it may owe its parent company an eye-watering amount for millions of pounds of shrimp. Red Lobster is set to close a further 100 restaurants if its unable to renegotiate cheaper rent Endless shrimp started at $20 but was too popular and cost millions of dollars …

Mod Pizza is ‘actively working’ to avoid bankruptcy filing as restaurants struggle
8 months, 3 weeks ago

Mod Pizza is ‘actively working’ to avoid bankruptcy filing as restaurants struggle

LA Times  

Mod Pizza, a fast-casual restaurant chain with more than 40 locations in California, may soon file for bankruptcy after 16 years in business. The popular seafood chain Red Lobster filed for bankruptcy in May, and Rubio’s Coastal Grill did the same in June after closing nearly 50 locations. But Red Lobster wasn’t purely a victim of circumstance — experts say …

Flavor Flav orders entire Red Lobster menu in effort to save seafood chain
9 months, 3 weeks ago

Flavor Flav orders entire Red Lobster menu in effort to save seafood chain

The Independent  

Sign up to IndyEat's free newsletter for weekly recipes, foodie features and cookbook releases Get our food and drink newsletter for free Get our food and drink newsletter for free SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy Flavor Flav is doing his part to save Red Lobster …

Red Lobster parent company CEO says he'll 'never eat' the shellfish again after failure of company
10 months ago

Red Lobster parent company CEO says he'll 'never eat' the shellfish again after failure of company

Daily Mail  

The seafood chain filed for bankruptcy on May 19 The CEO of Red Lobster's parent company said he will never eat lobster again after the chain was forced to file for bankruptcy days after closing 100 locations. Thai Union is the largest shareholder of the seafood chain - and former Red Lobster employees claimed that the parent company's 'incompetence' destroyed …

Cost-cutting, private equity and piles of shrimp: What really drove Red Lobster into bankruptcy
10 months, 1 week ago

Cost-cutting, private equity and piles of shrimp: What really drove Red Lobster into bankruptcy

The Independent  

The latest headlines from our reporters across the US sent straight to your inbox each weekday Your briefing on the latest headlines from across the US Please enter a valid email address Please enter a valid email address SIGN UP I would like to be emailed about offers, events and updates from The Independent. “Thai Union forced huge cost reductions, …

Red Lobster employee sues chain saying she was laid-off without notice amid 50 restaurant closures
10 months, 1 week ago

Red Lobster employee sues chain saying she was laid-off without notice amid 50 restaurant closures

The Independent  

The latest headlines from our reporters across the US sent straight to your inbox each weekday Your briefing on the latest headlines from across the US Your briefing on the latest headlines from across the US SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy A former employee is …

Column: It wasn’t just the endless shrimp — Red Lobster’s corporate owners drove it into bankruptcy
10 months, 1 week ago

Column: It wasn’t just the endless shrimp — Red Lobster’s corporate owners drove it into bankruptcy

LA Times  

On the surface, the story of Red Lobster’s bankruptcy is about one of the seven deadly sins: gluttony. But that doesn’t account for the gluttony of Red Lobster’s former private equity owners, San Francisco-based Golden Gate Capital, or its subsequent corporate owners, the huge Bangkok-based seafood conglomerate Thai Union. “Red Lobster’s real estate sale gives its new owners little room …

Red Lobster officially files for Chapter 11 bankruptcy
10 months, 1 week ago

Red Lobster officially files for Chapter 11 bankruptcy

Salon  

After news of a massive auction last week, Red Lobster has officially filed for bankruptcy, Nathaniel Meyersohn reports for CNN. According to Meyersohn, Red Lobster's plan forward is two-pronged: It plans to sell its business to its lenders and receive financing to stay afloat, while also closing additional locations permanently. The official statement from Red Lobster Management LLC on PRNewswire …

Red Lobster closing: fired employees have quite the tales about the “Endless Shrimp” debacle.
10 months, 1 week ago

Red Lobster closing: fired employees have quite the tales about the “Endless Shrimp” debacle.

Slate  

Red Lobster officially filed for bankruptcy Monday, after a grim week that saw nearly 100 stores shut down around the country. One of these rescue plans was the restaurant’s now-infamous Endless Shrimp promotion—in which, for $20, customers could order an unlimited supply of fried shrimp, shrimp scampi, or “street corn shrimp” to their table. “Once it became a thing, I …

Red Lobster officially files for bankruptcy days after closing dozens of restaurants
10 months, 1 week ago

Red Lobster officially files for bankruptcy days after closing dozens of restaurants

The Independent  

The latest headlines from our reporters across the US sent straight to your inbox each weekday Your briefing on the latest headlines from across the US Your briefing on the latest headlines from across the US SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy Red Lobster, the casual …

Red Lobster files for Chapter 11 bankruptcy protection
10 months, 1 week ago

Red Lobster files for Chapter 11 bankruptcy protection

Associated Press  

Red Lobster, the casual dining chain that brought seafood to the masses with inventions like popcorn shrimp and “endless” seafood deals, has filed for Chapter 11 bankruptcy protection. Red Lobster said its 600 restaurants would continue to operate through the bankruptcy proceedings, which are intended to simplify operations, close locations and pursue a sale. Then last fall, Red Lobster lost …

Red Lobster, an icon of casual American dining, files for bankruptcy
10 months, 1 week ago

Red Lobster, an icon of casual American dining, files for bankruptcy

LA Times  

Red Lobster, which filed for Chapter 11 bankruptcy on Sunday, said many locations will remain open. Red Lobster, the seafood chain whose cheddar biscuits and bottomless shrimp specials have long captivated the American palate and pocketbook, filed for Chapter 11 bankruptcy protection Sunday. “Today, Red Lobster is the largest casual dining seafood chain in the United States,” the filing says …

Take home a piece of the shrimp! Red Lobster equipmemt goes on sale in largest restaurant auction in history
10 months, 2 weeks ago

Take home a piece of the shrimp! Red Lobster equipmemt goes on sale in largest restaurant auction in history

The Independent  

The latest headlines from our reporters across the US sent straight to your inbox each weekday Your briefing on the latest headlines from across the US Your briefing on the latest headlines from across the US SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy Red Lobster, the iconic …

Inside the Red Lobster clearance auctions
10 months, 2 weeks ago

Inside the Red Lobster clearance auctions

Daily Mail  

The auction of everything inside 48 of Red Lobster's shuttered restaurants starts on Thursday - with details of how it will work now emerging. They give a chilling insight into how quickly restaurants were shuttered on Monday night - with leftover food still on trays and fresh food for the next day ready. Potatoes left on trays ready to be …

Red Lobster fans react after 'endless shrimp' deal blamed for closures
10 months, 2 weeks ago

Red Lobster fans react after 'endless shrimp' deal blamed for closures

Daily Mail  

Red Lobster customers have taken to social media to say goodbye to the beloved chain as it edges towards bankruptcy. 'Only in America could we eat Red Lobster into bankruptcy' one user wrote on X, alongside a Rebel Wilson gif reading 'crushed it.' Another posted a Judge Trudy meme of red lobster characters in court with the caption 'Day One …

'I ate 108 in four hours': Customers react after Red Lobster's $20 'endless shrimp' deal is blamed for its demise
10 months, 2 weeks ago

'I ate 108 in four hours': Customers react after Red Lobster's $20 'endless shrimp' deal is blamed for its demise

Daily Mail  

Red Lobster customers have taken to social media to say goodbye to the beloved chain as it edges towards bankruptcy. pic.twitter.com/rCoepfTcVW — teatime75 May 14, 2024 Day One of the Red Lobster bankruptcy proceedings and the lobsters have already disrupted order in the court pic.twitter.com/90HVLddbkx — High Yield Harry May 15, 2024 fly high, silver spring red lobster 🕊️ pic.twitter.com/8NU1Yg7GG1 …

Red Lobster expected to file for bankruptcy after closing dozens of restaurant locations
10 months, 2 weeks ago

Red Lobster expected to file for bankruptcy after closing dozens of restaurant locations

The Independent  

The latest headlines from our reporters across the US sent straight to your inbox each weekday Your briefing on the latest headlines from across the US Your briefing on the latest headlines from across the US SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy Red Lobster is expected …

Red Lobster’s collapse could be the beginning of the end for fast-casual dining
10 months, 2 weeks ago

Red Lobster’s collapse could be the beginning of the end for fast-casual dining

The Independent  

The latest headlines from our reporters across the US sent straight to your inbox each weekday Your briefing on the latest headlines from across the US Your briefing on the latest headlines from across the US SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy Red Lobster’s collapse signals …

Red Lobster closes dozens of locations across the US just months after ‘endless shrimp’ losses
10 months, 2 weeks ago

Red Lobster closes dozens of locations across the US just months after ‘endless shrimp’ losses

Associated Press  

NEW YORK — Dozens of Red Lobster locations across the U.S. are on the chopping block. Restaurant liquidator TAGeX Brands announced this week that it would be auctioning off the equipment of over 50 Red Lobster locations that were recently closed as part of the seafood chain’s “footprint rationalization.” The locations span across more than 20 states — cutting back …

Red Lobster to close at least 48 restaurants after ‘endless shrimp’ debacle
10 months, 2 weeks ago

Red Lobster to close at least 48 restaurants after ‘endless shrimp’ debacle

The Independent  

The latest headlines from our reporters across the US sent straight to your inbox each weekday Your briefing on the latest headlines from across the US Please enter a valid email address Please enter a valid email address SIGN UP I would like to be emailed about offers, events and updates from The Independent. Please try again later {{ /verifyErrors …

Red Lobster offered all-you-can-eat shrimp. That was a mistake.
10 months, 2 weeks ago

Red Lobster offered all-you-can-eat shrimp. That was a mistake.

LA Times  

It was announced the week of May 13, 2024, that dozens of Red Lobster locations across the U.S. are now on the chopping block. Above, a restaurant in North Miami, Fla. Red Lobster promised customers an endless supply of shrimp for $20 — a gamble the struggling restaurant chain hoped would help pull it out of its pandemic doldrums. “At …

Red Lobster considering bankruptcy after endless shrimp promotion
10 months, 4 weeks ago

Red Lobster considering bankruptcy after endless shrimp promotion

The Independent  

Sign up to IndyEat's free newsletter for weekly recipes, foodie features and cookbook releases Get our food and drink newsletter for free Get our food and drink newsletter for free SIGN UP I would like to be emailed about offers, events and updates from The Independent. “So we wanted to boost our traffic, and it didn’t work.” Later in early …

Red Lobster considering Chapter 11 bankruptcy after blaming $11 MILLION loss on its 'endless shrimp' promotion
11 months, 2 weeks ago

Red Lobster considering Chapter 11 bankruptcy after blaming $11 MILLION loss on its 'endless shrimp' promotion

Daily Mail  

Struggling restaurant chain Red Lobster is considering filing for bankruptcy as high costs and low sales ground the business. Red Lobster is considering filing for bankruptcy as high costs and low sales ground the business News of the bankruptcy was first reported by Bloomberg, which said the restaurant chain is taking advice from the law firm King & Spalding. Red …

Red Lobster CFO blames chain's 'Endless Shrimp' promo for $11M loss
1 year, 4 months ago

Red Lobster CFO blames chain's 'Endless Shrimp' promo for $11M loss

Daily Mail  

Red Lobster faced a staggering $11 million loss in the third quarter of 2023 - which the company's CFO is blaming on the restaurant's all you can eat shrimp deal. The owner of the Red Lobster chain - Thai Union Group - blames the Endless Shrimp for their detrimental third quarter loss. Along with the free biscuits that Red Lobster …

Red Lobster CFO blames chain's 'Endless Shrimp' promotion for company's whopping $11M Q3 loss
1 year, 4 months ago

Red Lobster CFO blames chain's 'Endless Shrimp' promotion for company's whopping $11M Q3 loss

Daily Mail  

Red Lobster faced a staggering $11 million loss in the third quarter of 2023 - which the company's CFO is blaming on the restaurant's all you can eat shrimp deal. Red Lobster faced a staggering $11 million loss in the third quarter - which the company's CFO is blaming on the restaurant's all you can eat shrimp deal Red Lobster …

Thai seafood exporter invests $575 million in Red Lobster
8 years, 5 months ago

Thai seafood exporter invests $575 million in Red Lobster

Associated Press  

ORLANDO, Fla. — Red Lobster is getting a $575 million investment from a Thai seafood exporter of shrimp that The Associated Press found last year came from supply chains tainted by slavery. A joint statement by the companies Monday says Thai Union Group wants to build a direct-to-consumers channel by investing in Orlando-based Red Lobster, which has more than 700 …

Red Lobster enjoys sales surge after mention in Beyonce song
9 years, 1 month ago

Red Lobster enjoys sales surge after mention in Beyonce song

Associated Press  

NEW YORK — Red Lobster says it’s feeling the “Beyonce Bounce.” The seafood chain known for its cheddar biscuits says sales surged 33 percent on Sunday, compared with last year’s Super Bowl Sunday. It’s hard to imagine hordes of people rushing to Red Lobster after hearing the song, but the chain says it’s sure the mention is responsible for at …

Red Lobster goes vertical on plate to push quality
10 years, 8 months ago

Red Lobster goes vertical on plate to push quality

Associated Press  

NEW YORK — Red Lobster wants to be seen as a purveyor of quality seafood, so it’s getting rid of some of its promotional discounts and stacking the food higher on plates, as is the style at fancier restaurants. In his first interview as Red Lobster’s new CEO, Kim Lopdrup outlined the missteps he thought his predecessors made and why …

Darden Restaurants to sell Red Lobster chain for $2.1 billion
10 years, 10 months ago

Darden Restaurants to sell Red Lobster chain for $2.1 billion

LA Times  

After tax and transaction costs, the Red Lobster sale will leave Darden with $1.6 billion. Above, a Red Lobster outlet in San Bruno, Calif. Darden Restaurants Inc. has agreed to sell its Red Lobster seafood chain to San Francisco private equity firm Golden Gate Capital for $2.1 billion, flouting the warnings of some of its shareholders. Activist investor Starboard Value …

Here's Why Red Lobster Is Dying
10 years, 10 months ago

Here's Why Red Lobster Is Dying

Huff Post  

Darden Restaurants Inc. Red Lobster signage is displayed outside of a location in Peoria, Illinois, U.S., on Tuesday, March 18, 2014. Photographer: Daniel Acker/Bloomberg via Getty Images America's changing eating habits are killing Red Lobster. The chain's parent company, Darden Restaurants, announced on Friday it was selling Red Lobster to a private-equity firm for $2.1 billion after years of sagging …

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