As Red Lobster Files Bankruptcy, Hundreds of Locations Close Nationwide

33 days ago | The links in the post below may be affiliate links. Read the full disclosure

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Chapter 11 Bankruptcy and Restaurant Closures Nationwide

Red Lobster has closed hundreds of restaurants nationwide, and has plans to close more. This comes along with a Chapter 11 bankruptcy filing and selling off items from the popular chain restaurant. A major investor says the Ultimate Endless Shrimp promotion was the thing that ultimately sent Red Lobster into debt – reporting 11 million in losses after the bungled promotion became a permanent deal, contributing significantly to a 76 million loss in 2023.

Unfortunately for Red Lobster, sit down restaurants are seeing a decrease in popularity. People want more food for their buck, and are turning away from restaurants like Red Lobster who offer a pricier, sit-down option. Unfortunately, that doesn’t bode well for the restaurant company.

Uncertainty To Come

If you have any Red Lobster gift cards, use those sooner rather than later, as Red Lobster’s future looks uncertain.

 

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Brand/Store: Red Lobster
Categories: Retail News

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