Red Lobster’s emergence from bankruptcy: What to watch out for
Red Lobster is working hard to get back on its feet and win back its shrimp-happy customers. Find out how it got into bankruptcy, emerged from it, and where it goes from here.
Red Lobster is an iconic American brand. It brought seafood to many parts of the United States where access to things like shrimp, squid rings, and lobster became previously limited. However it the casual-dining seafood restaurant chain has fallen on hard times.
Some blame its plunge into financial disaster on losses it sustained by technique of its all-you-can-eat “Endless Shrimp” campaign, but there’s more to it than that.
Greater than a decade ago, Red Lobster changed hands a few times, going from being a a part of a publicly traded company to a portfolio company of a deepest equity firm and then repeating the cycle. In a decade, the restaurant chain closed greater than a fifth of its stores, from about 700 to 545.
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