Casual dining chain Red Lobster has filed for Chapter 11 bankruptcy protection. The 56-year-old chain made the filing late Sunday, days after shuttering dozens of restaurants. Red Lobster brought seafood to the masses with inventions like popcorn shrimp and “endless” seafood deals.
A Red Lobster restaurant is seen in Schaumburg, Ill., Monday, May 20, 2024. Red Lobster is seeking bankruptcy protection days after closing dozens of restaurants. A Red Lobster restaurant is seen in Schaumburg, Ill., Monday, May 20, 2024. Red Lobster is seeking bankruptcy protection days after closing dozens of restaurants. A Red Lobster restaurant is seen in Schaumburg, Ill., Monday, May 20, 2024. Red Lobster is seeking bankruptcy protection days after closing dozens of restaurants.
According to court filings, Red Lobster has 551 U.S. restaurants, 27 restaurants in Canada and 27 franchised locations in Mexico, Japan, Ecuador and Thailand. The company said it has 36,000 employees in the U.S. and Canada.New Jersey overall gambling revenue up 10.
Orlando, Florida-based Red Lobster said in court filings that its annual guest counts were down 30% from 2019. The chain lost $76 million in 2023. Darden sold Red Lobster to General Mills in 1970, and he continued to run restaurants as a General Mills executive. General Mills later went on to form Darden Restaurants, which owns Olive Garden and other chains. Darden Restaurants was spun off from General Mills in 1995.
But the restaurant had trouble keeping up with competitors and bringing in younger customers. Darden Restaurants sold Red Lobster to a private equity firm in 2014.Then last fall, Red Lobster lost millions of dollars on its “Ultimate Endless Shrimp” promotion, which charged $20 for all-you-can-eat shrimp deal.
Lobsters General News TX State Wire FL State Wire CO State Wire CA State Wire Bankruptcy N Business U.S. News F General Mills Inc. Orlando Tina Fey A U.S. News
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