Published 14 days ago

Red Lobster considering bankruptcy after endless shrimp promotion

Thai Union announced plans to divest from Red Lobster, citing a $530 million loss due to various factors, including the pandemic and industry challenges.
Red Lobster reported a $3.3 million loss in seven weeks and is considering bankruptcy to address financial struggles.
Thai Union, Red Lobster's major shareholder, also suffered an $11 million loss, prompting restructuring discussions for the seafood chain.

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The Independent

Red Lobster considering bankruptcy after endless shrimp promotion

Seafood chain launched the promotion in summer 2023

15 days ago·London, United Kingdom

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CNN

What went wrong at Red Lobster

Red Lobster, the poster child for American seafood, was dragged down by corporate mismanagement, competition and consumer shifts.

15 days ago·Atlanta, United States

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KRDO

What went wrong at Red Lobster

By Nathaniel Meyersohn, CNN New York (CNN) — In 2003, Red Lobster ran an “Endless Crab” promotion. The all-you-can-eat deal backfired spectacularly. Red Lobster misjudged just how many seafood lovers would pour into restaurants around the United States and fill up their stomachs with pounds of sweet, juicy crab legs drenched in lemon and dipped in melted butter. While it was a delicious deal for customers, it was terrible for the company: Red Lo…

15 days ago·Colorado Springs, United States

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Business Insider

The demise of Red Lobster is a perfect case study in how to kill a business

With the chain on the verge of bankruptcy, it has become abundantly clear that Red Lobster letting customers eat all the shrimp their hearts desire was not

17 days ago·United States

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Las Vegas Review-Journal

Red Lobster tries desperate bid to avoid bankruptcy

Red Lobster is reportedly considering filing for Chapter 11 bankruptcy as it continues to reel from its financial losses.

19 days ago·Las Vegas, United States

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WHDH

Red Lobster brought seafood to the masses. Now it’s on the verge of bankruptcy - Boston News, Weather, Sports

New York (CNN) — In 2003, Red Lobster ran an “Endless Crab” promotion. The all-you-can-eat deal backfired spectacularly. Red Lobster misjudged just how many seafood lovers would pour into restaurants around the United States and fill up their stomachs with pounds of sweet, juicy crab legs drenched in lemon and dipped in melted butter. While it was a delicious deal for customers, it was terrible for the company: Red Lobster lost $3.3 million in s…

15 days ago·Boston, United States

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