Red Lobster's Bankruptcy: Mismanagement, Misery, and Closure
TL;DR
Red Lobster has filed for Chapter 11 bankruptcy, citing $1 billion in debt and the closure of several dozen stores. The company's financial troubles were exacerbated by a costly endless shrimp promotion and a series of missteps over the past decade, including the sale of its real estate and rising labor and commodity costs. Despite these challenges, the current CEO believes there is hope for restructuring and recovery.
Topics:top-newsbusiness#bankruptcy#business#casual-dining#private-equity#red-lobster#restaurant-industry
- Red Lobster's bankruptcy goes deeper than free shrimp Vox.com
- How a global seafood giant broke Red Lobster CNN
- Former Red Lobster execs describe 'miserable' work environment, botched overhaul before bankruptcy filing: report New York Post
- Red Lobster locations are closing after bankruptcy filing: Map USA TODAY
- Private equity and mismanagement: Here's what really killed Red Lobster Fast Company
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