Red Lobster Files for Chapter 11 Bankruptcy as Pandemic and Industry Challenges Impact Iconic Seafood Chain from lease Watch Video
Preview(s): Play Video: (Note: The default playback of the video is HD VERSION. If your browser is buffering the video slowly, please play the REGULAR MP4 VERSION or Open The Video below for better experience. Thank you!)
Your browser does not support playing the video.Please download the video!
⏲ Duration: 0:42 👁 View: 560K times ✓ Published: 21-May-2024
Description: Red Lobster has filed for Chapter 11 bankruptcy protection after closing over 50 locations across more than 20 states. The seafood chain has been struggling with rising lease and labor costs in recent years and promotions like its iconic all-you-can-eat shrimp deal that resulted in millions in losses due to overwhelming demand. Red Lobster CEO Jonathan Tibus, a corporate restructuring specialist, took over in March as the company sought bankruptcy protection. Thai Union Group, a minority investor and one of the world's largest seafood suppliers, announced plans earlier this year to exit its investment in Red Lobster due to the impacts of the pandemic and industry headwinds.