Posted on 04/18/2024 4:45:20 AM PDT by V_TWIN
ORLANDO, Fla. (WKRC) — Seafood chain Red Lobster is reportedly preparing to file for bankruptcy.
According to Restaurant Business Online, citing a report from Bloomberg, the company is considering filing for Chapter 11 bankruptcy protection to restructure its debt.
The outlet attributed those losses to less Americans choosing to eat out at restaurants and an increase in food and labor costs. Red Lobster closed 16 locations, per the outlet.
Last summer, Red Lobster launched a $20 all-you-can-eat shrimp deal which, although popular with customers, ended up costing the company over $11 million in one quarter.
Per the outlet, citing the Bloomberg report, the restructuring talks are ongoing. No official decision has been made.
(Excerpt) Read more at local12.com ...
Also foiled by bidenomics food inflation. We seldom eat out in restaurants, but I can so swear and attest the fish and seafood have REALLY increased in price in shall we say recent years.
Salmon filets used to be a weekly staple on our menu, but it has increased from about $6-7 per pound to ~$11-13 per pound for the non-Asia origin, non-farm salmon.
Stagflation at its finest.
There are entire families who live for the all-you-can-eat challenge.
Funny you mention salmon.....we had that last night.
We always buy it at Aldi.....best deal for salmon I can find.
For less than $20 we always have enough for lunch leftovers.
Oh ya! I learned that trick long ago.... it’s GREAT salmon!
Or possibly by the cost having to ship live lobsters from the East Coast and keep them alive and not eating each other.
I doubt the tips are very good.
As a mid-western country kid in the 1970’s-80’s, Red Lobster was peak fine dining.
They lost 11 million in ONE quarter attributed to the shrimp deal......whoever thought thstvup better update their resume.
As young poor lawyers working for the state in Jefferson City, MO we single people with no social life would get together and drive up to Columbia, MO to eat at Red Lobster.
Yep. Wild caught Alaskan salmon has become pricey but that’s the only kind I’ll eat.
I hear the market executive who thought up that idea was alissa heinerscheid, /sarc
I’ve eaten at RL precisely once in 60 years.
Is it wild caught salmon? I try not to eat farm raised, unless I can get good information on the source. I don’t shop at Aldi’s very often. I’m also guessing it’s frozen, right?
They bought out a lot of Ponderosa places up here in the Great White North back in the mid 1980s, so I was that bit annoyed with them over that, lol.
I get wild caught Faroe Island salmon from my butcher. It’s pricey, too. Definitely a treat.
“Red Lobster launched a $20 all-you-can-eat shrimp deal which, although popular with customers, ended up costing the company over $11 million in one quarter.”
Piss poor planning.
Here on the Gulf Coast, we have so many truly fine seafood restaurants Red Lobster just can’t compete. Why eat a pre-made frozen entrée they plop into the oven for 15 minutes or more when you can have actual real fresh seafood prepared by a real chef for maybe even less?
Red Lobster here is like Captain D’s or Long John Silvers with better looking staff..................
“I doubt the tips are very good”
A certain ethnicity is notorious for not only poor tipping but NO tipping.....an oyster bar where I am had to post a 15% mandatory included tip will be added to the bill sign at the raw bar for thst very reason. I know that because our shucker told us.
It’s common for them to complain about some minor issue with the meal or service to get a discount.....I’ve seen it 1st hand, AT Red Lobster no less. SMH
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