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Endless Headaches for Red Lobster After Endless Shrimp Campaign 

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Home FaithTap

Endless Headaches for Red Lobster After Endless Shrimp Campaign 

by Sandra Rhodes
April 18, 2024 at 11:34 am
in FaithTap, News
250 2
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Endless Headaches for Red Lobster After Endless Shrimp Campaign 

ROHNERT PARK, CALIFORNIA - APRIL 17: A sign is posted on the exterior of a Red Lobster restaurant on April 17, 2024 in Rohnert Park, California. Red Lobster is considering filing for Chapter 11 bankruptcy to address rising labor costs and in hopes of renegotiating property leases and long-term contracts. (Photo by Justin Sullivan/Getty Images)

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Red Lobster is fishing for a way to get out of its financial woes after its endless shrimp campaign tanked its bottom line.

The seafood restaurant is looking to file for Chapter 11 bankruptcy in an effort to restructure its debts, Good Morning America reported.

“According Bloomberg, the restaurant is considering filing for Chapter 11 on the advice of law firm King & Spalding, which would allow the chain to stay open while dealing with its debt and help reevaluate long-term contracts and leases,” per GMA.

Seafood restaurant chain Red Lobster is considering a Chapter 11 bankruptcy filing, sources say https://t.co/hv2FqWSW0R

— Bloomberg (@business) April 16, 2024

Red Lobster is in hot financial waters, attempting to stay afloat by eyeing Chapter 11 bankruptcy to restructure its debts after an endless shrimp promotion sank the seafood restaurant chain's bottom line, Bloomberg reported this week. https://t.co/FXMk3sP9uv

— ABC News (@ABC) April 18, 2024

In 2023, Red Lobster had $11 million in operating losses due to the “Ultimate Endless Shrimp” campaign became a regular on the menu in June.

“The restaurant chain later reported $12.5 million in losses in the fourth quarter of 2023,” GMA reported.

Tags: BankruptcyEndless ShrimpRed LobsterU.S. News
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Sandra Rhodes

Sandra Rhodes

IJR, Contributor Writer She was a Story Editor for Indpendent Journal Review since November 2022 and has written for IJR since February 2024. She has been in the newspaper business in various capacities since 1998.

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