Crappy food, expensive menu, poor service and nobody fixed it is why it failed.......
That’s what the story is saying. Red Lobster used to own most of its land, but the hedge company bought the company and changed the arrangement so the restaurants had to pay them rent and the rent was the final nail to bankrupt them.
Getting the restaurant out of the way allowed the hedge to then sell the land because the land was valuable enough to make it their worthwhile to lose the restaurants.
https://www.nbcnews.com/business/consumer/private-equity-rolled-red-lobster-rcna153397
Crappy food? Dude are you crazy?
Their salmon rivals that of fancy steakhouses and supper clubs.