:max_bytes(150000):strip_icc()/Red-Lobster-Potential-Bankruptcy-FT-BLOG0424-192e9cfa5ed648149cc9280043b3c3b6.jpg)
Red Lobster May Soon File for Chapter 11 Bankruptcy, Here’s Why
If the Orlando-based seafood restaurant were to seek Chapter 11, it would be one of the most high-profile failures across the chain restaurant world.
There’s a lot of moving parts here. One is that the [correction] lead minority owner is a Thai seafood company that owns several companies around the world, including Chicken of the Sea and King Oscar. The other is that after losing money with a $20 “Endless Shrimp” special, they were still losing money when they raised the price to $25. They were getting lots of revenue, but I suppose this kind of promotion attracted the...
Read more