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Red Lobster was America’s largest casual dining seafood chain, with almost 600 locations across the United States and Canada. Its bankruptcy was announced earlier this week.
The bankruptcy declaration insinuates that the chains equity owner who was also their biggest seafood supplier might have decided that their equity stake in the business was worthless, but that they could extract some extra value from the company before it declared bankruptcy by selling them a lot of extra shrimp, leading to the uneconomical “Endless Shrimp” deal at Red Lobster.
The decision to make the $20-dollar endless shrimp deal a permanent menu item is said to have led to an $11 million dollar loss.
The bankruptcy declaration says that “the Debtors are currently investigating the circumstances around these decisions.”
@pat_finnerty video link https://www.youtube.com/watch?v=2WeEyncm_jQ
Red Lobster Bankruptcy Filing: https://dm.epiq11.com/case/redlobster/info
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