Red Lobster is filing for bankruptcy. How is it possible this happened to Red Lobster before TGI Fridays?! How?! Let's get right to it: Red Lobster's not in a great spot, y'all. Sure, they'll retain their current locations and try to turn things around.
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But, things are looking a bit dire for the brand. ...Wait. I'm receiving word Red Lobster was doing an "Unlimited Endless Shrimp" promotion? It cost the company $11 million dollars? ...Never mind. I think I understand why Red Lobster's suffering like this.
As you can imagine, the reactions across the internet have been all over the place. From politicians blaming each other, to astute articles as to why this happened, to good ol' social media shenanigans. Let's start with the interesting, factual tidbits and dive into the depths from there.
Details from Red Lobster?s bankruptcy filing are wild and so much mismanagement:
??$1B in debt, $30m in cash
??Previous PE owner sold land and leased it back to Red Lobster at ?above market rates?
??$20 Endless Shrimp cost it $11m but the interesting part is that one of the? pic.twitter.com/kRzGt2wbQf
