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 ...
Last time I ate at Dead Lobster it wasn’t very good.
Years ago I read that the restaurant chain is worth a lot. Not for the name of it but for all of the property the buildings are on and the chain owns.
Never frozen.
It is farm raised but NOT in some 3rd world Indonesian country.
And BAP certified.
Not everybody lives in paradise 😁
No biggie, they can just sell more and make it up on volume. /s
Biden did this... lots of middle class restaurants will struggle under President Sniffer Pervert and his goons.
We’ve frequented the one closest to us twice in about a years time and it was actually pretty good.
The location however is getting sketchy.
I see it too. Real lowlife stuff.
It’s a good memory of fun with friends - that IS a social life.
You are right. Looking back though, it is funny. We thought it was a huge deal driving up to eat at Red Lobster.
The property our Red Lobster sits on is prime waterfront on Santa Rosa Sound with a great sunset view.
I wouldn’t be surprised if it was sold to a condo developer. A 12 story (our local limit) condo would have a view of the Gulf also........
“Biden did this”
We give that mush brain WAY too much credit......effing with businesses and capitalism in general all started with that pizza chit obama.
That’s a good idea. Aldi’s Isa bit of a hike for us, but IS generally a good value.
Gotta ensure it’s sourced and packed IN THIS hemisphere though. Prefer wild caught.
Good riddance. It’s not what it used to be.
Best source here for that is Costco. 45 min away.
Every restaurant chain has its life cycle. Red Lobster is no exception.
There is a crazy deal going on with Arby’s right now that makes me wonder if bankruptcy is next for them. You can order $1.49 item which is the cheapest I can find and get any sandwich you want including the $8.00
It is one per person once a week for 4 weeks.
You can guess what is happening. People are using multiple accounts to get this deal multiple times a week.
I havent eaten at Arby’s in years but I did do this deal last week. That sandwich was good and let me make several sandwiches out of it.
“It’s not what it used to be.”
Neither is General Motors and yet somehow they got saved....funny how some businesses are rescued while others are left to sink or swim.
The same people who pulled Obama’s strings are pulling Biden’s.
“The same people who pulled Obama’s strings are pulling Biden’s.”
And if you follow that trail to the very end you’ll eventually arrive at the gates of hell.......and I mean that LITTERALLY.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.