Skip to main content

Featured

Your daily horoscope: November 17, 2025

  IF TODAY IS YOUR BIRTHDAY The sun links with both Jupiter and Saturn on your birthday this year, which means that your decisions and actions will have far-reaching consequences. Always think before you act and always act for the greater good, because it’s good for you too. ARIES (March 21 - April 20): If someone you work or do business with has disappointed you in some way don’t make a big issue of it. Most likely they did their best and it’s not really their fault that they can’t reach your level of efficiency. That’s what makes you so special. TAURUS (April 21 - May 21): Someone you meet either today or tomorrow is going to play an important role in your affairs in the near future, so be open to people who approach you out of the blue because one of them will change your life for the better. GEMINI (May 22 - June 21): You seem to be in an impetuous mood at the moment, maybe because deep down you sense you must make the most of your opportunities before retrograde Mercury slips ...
Post a Comment
Read more

article

Labels

Red Lobster Files for Bankruptcy Protection After Closing Several Restaurants

 

Red Lobster, the beloved casual dining chain known for its seafood offerings, has filed for Chapter 11 bankruptcy protection. This move comes just days after the company shuttered dozens of its restaurants across the United States. Let’s delve into the details of this development.

Financial Struggles and Restructuring

Red Lobster has been grappling with financial challenges, including rising lease and labor costs, as well as increasing competition from fast-casual chains like Chipotle. The iconic all-you-can-eat shrimp deal, once a popular promotion, also contributed to the strain on the company’s finances. Ludovic Garnier, the chief financial officer of Thai Union Group (Red Lobster’s former co-owner), acknowledged that while the $20 Ultimate Endless Shrimp promotion attracted more restaurant traffic, it didn’t yield substantial profits.

The Path Forward

In an effort to address these challenges, Red Lobster has taken the step of seeking bankruptcy protection. The company plans to streamline its operations, close underperforming restaurants, and explore a potential sale. As part of this process, Red Lobster has entered into a “stalking horse” agreement, indicating its intention to sell the business to an entity controlled by its lenders.

A Brief History

Founded by Bill Darden in 1968, Red Lobster aimed to make seafood restaurants accessible and affordable for families. General Mills acquired the chain in 1970 and later spun it off as a separate company in 1995. Over the years, Red Lobster has delighted diners with dishes like popcorn shrimp and its famous “endless” seafood deals.

Recent Closures

The recent closures have affected Red Lobster locations across multiple states, including Alabama, California, Florida, Georgia, Idaho, Illinois, Indiana, Iowa, Kansas, Louisiana, Maryland, Mississippi, Missouri, New Jersey, New York, North Carolina, North Dakota, Oklahoma, Pennsylvania, South Carolina, Tennessee, Texas, Virginia, and Washington. These closures represent just over 1% of the chain’s approximately 670 domestic units.

While the situation is challenging, Red Lobster remains committed to emerging stronger from this restructuring process. The company’s CEO, Jonathan Tibus, expressed optimism about the path forward, emphasizing the need to address financial and operational hurdles.

As Red Lobster navigates these waters, seafood enthusiasts and loyal patrons hope for a successful turnaround that preserves the essence of this beloved dining experience. 

Labels:

Comments

Post a Comment