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Red Lobster Files For Bankruptcy After Abruptly Closing Dozens Of Restaurants
Daily Voice ^ | 05/20/2024

Posted on 05/20/2024 10:02:19 AM PDT by SeekAndFind

Red Lobster has filed for bankruptcy just days after closing dozens of its restaurants.

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."


TOPICS: Business/Economy; Food; Society
KEYWORDS: bankruptcy; redlobster
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1 posted on 05/20/2024 10:02:19 AM PDT by SeekAndFind
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To: SeekAndFind

So it’s not Endless Shrimp after all?


2 posted on 05/20/2024 10:04:47 AM PDT by FLNittany (Autotune is jealous of Karen Carpenter)
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To: SeekAndFind

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.


3 posted on 05/20/2024 10:07:28 AM PDT by V_TWIN (America...so great even the people that hate it refuse to leave!)
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To: FLNittany
And just like that...

..no more all you can eat shrimp!

4 posted on 05/20/2024 10:08:15 AM PDT by Magnum44 (...against all enemies, foreign and domestic... )
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To: SeekAndFind

Sign of our declining times


5 posted on 05/20/2024 10:09:10 AM PDT by BigFreakinToad (Remember the Biden Kitchen Fire of 2004)
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To: SeekAndFind

the victim of endless shrimp and

large purses


6 posted on 05/20/2024 10:14:13 AM PDT by joshua c
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To: Magnum44

“I’ve got to save Bubba”


7 posted on 05/20/2024 10:16:26 AM PDT by Zathras
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To: SeekAndFind

Bidenomics.


8 posted on 05/20/2024 10:18:46 AM PDT by Fireone (Who killed Obama's chef?)
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To: SeekAndFind

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.


9 posted on 05/20/2024 10:20:01 AM PDT by lasereye
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To: BigFreakinToad

(Sign of our declining times)

That too

I’m surprised anything survived COVID-19(84)


10 posted on 05/20/2024 10:20:06 AM PDT by SaveFerris (Luke 17:28 ... as it was in the Days of Lot; They did Eat, They Drank, They Bought, They Sold ......)
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To: SeekAndFind

A hallmark of Generica


11 posted on 05/20/2024 10:23:11 AM PDT by bigbob
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To: SeekAndFind
They can fix "all you can eat shrimp" very easily. Charge the normal price for the shrimp dinner of your choice, and charge $3 for each subsequent shrimp 'refill.'

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.

12 posted on 05/20/2024 10:27:59 AM PDT by Yo-Yo (Is the /Sarc tag really necessary? Pray for President Biden: Psalm 109:8)
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To: SeekAndFind

Cheap horrible place. Glad to see it go. I went in 2020 and was unimpressed.


13 posted on 05/20/2024 10:30:08 AM PDT by napscoordinator (DeSantis is a beast! Florida is the freest state in the country! )
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To: V_TWIN
What they need to do is get bought by a private equity company using debt financing.

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.

14 posted on 05/20/2024 10:37:28 AM PDT by who_would_fardels_bear (Kafka was an optimist.)
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To: joshua c

Sorry, what do large purses have to do with this?


15 posted on 05/20/2024 10:46:34 AM PDT by nwrep
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To: V_TWIN

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.


16 posted on 05/20/2024 10:53:33 AM PDT by TonyM (Score Event)
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To: TonyM

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!


17 posted on 05/20/2024 11:03:32 AM PDT by V_TWIN (America...so great even the people that hate it refuse to leave!)
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To: V_TWIN
As part of an organization I'm in charge of, we have a meeting once a month at our County Seat. Wifey always wants to go to the Red Lobster there before the meeting, so we do.

Last Tuesday, we went, and neither of us were feeling like fish, so we both decided to see what a Red Lobster burger was like. They're actually pretty good, HOWEVER, wifey ordered stuffed mushroom appetizer, so between the mushrooms, two burgers with only side salads, and two ice teas, plus tip, was 70 freakin' bucks!

Wifey has permanently written off Red Lobster.
18 posted on 05/20/2024 11:12:43 AM PDT by BikerJoe
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To: SeekAndFind

They’ve been terrible for decades, so they shouldn’t blame anything but themselves.


19 posted on 05/20/2024 11:13:46 AM PDT by Bullish (...And just like that, I was dropped from the ping-list)
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To: lasereye

I’m surprised to hear anyone liked them... Sheesh!


20 posted on 05/20/2024 11:15:02 AM PDT by Bullish (...And just like that, I was dropped from the ping-list)
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