Red Lobster 'Bankruptcy' Scare: CFO Blames Unlimited Shrimp Deal, Pricey Labour and Leases
International Business Times UK - 2024-04-19T08:56:17.000Z

Facing mounting debt and declining sales, Red Lobster mulls Chapter 11 bankruptcy. The seafood chain reportedly seeks a Chapter 11 filing to shed burdensome contracts and negotiate more favourable lease terms.Squeezed by unfavourable leases and labour costs, Red Lobster seeks help from King & Spalding, a commercial law firm, to restructure and reduce expenses. In a desperate bid to reverse declining sales in 2023, Red Lobster launched an "all-you-can-eat shrimp" promotion.However, the CFO partly...

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Red Lobster Is Considering Bankruptcy Partly Due to $11 Million Loss from Endless Shrimp Deal: Report

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