Posted on 05/20/2024 10:02:19 AM PDT by SeekAndFind
In its bankruptcy petition filed on Sunday, May 19, the company listed assets of $1 billion and liabilities of $10 billion.
The filing stated that the company "intends to use the proceedings to drive operational improvements, simplify the business through a reduction in locations, and pursue a sale of substantially all of its assets as a going concern."
The company said restaurants not listed as "temporarily closed" on its website will remain "open and operating as usual during the Chapter 11 process."
Founded in 1968, Red Lobster has around 600 restaurants in the United States, Canada, and overseas.
"This restructuring is the best path forward for Red Lobster," Jonathan Tibus, the company's CEO, said in a statement. "It allows us to address several financial and operational challenges, emerge stronger, and become re-focused on our growth.
"The support we've received from our lenders and vendors will help ensure that we can complete the sale process quickly and efficiently while remaining focused on our employees and guests."
So it’s not Endless Shrimp after all?
3 in my town, one we have actually patronized a couple of times in the last 6 months with the service and food quality at a more than acceptable level.
That particular location has been there since at least the early 80s so they must have been doing something right. A shame really.
..no more all you can eat shrimp!
Sign of our declining times
the victim of endless shrimp and
large purses
“I’ve got to save Bubba”
Bidenomics.
It’s probably the best seafood chain restaurant in their price range. The better ones are pricier. Seems like they should be able to make money with the right management.
(Sign of our declining times)
That too
I’m surprised anything survived COVID-19(84)
A hallmark of Generica
That way you can try a few different types of shrimp, and Ded Lobster doesn't go broke.
My two sons would go to all you can eat Shrimp days and I swear they'd eat $100 worth of shrimp apiece.
Cheap horrible place. Glad to see it go. I went in 2020 and was unimpressed.
That way the CEO and top officers can be paid off along with the lawyers, accountants, and private equity officers because they're going to "add value" to Red Lobster.
Then they "add value" by firing lots of people, cutting the quality and quantity of food, and basically cutting corners as much as possible in order to service the debt.
Then when Red Lobster goes away they can blame the last CEO standing rather than the private equity firm that executed a perfect skim operation.
Sorry, what do large purses have to do with this?
I took my wife to a Red Lobster one time. Both the food and the service were awful. I recall having to practically beg for some butter to add some flavor to the dry overcooked lobster tail I was served. I can’t understand how they survived as long as they did. Perhaps the unsophisticated American palette allowed it.
One bad meal doesn’t define a restaurant my friend.
Everything has a reject rate.
Not everyone is a world class gastronome as you apparently are. LOL!
They’ve been terrible for decades, so they shouldn’t blame anything but themselves.
I’m surprised to hear anyone liked them... Sheesh!
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