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International Business Times UK
International Business Times UK
Vinay Patel

Red Lobster 'Bankruptcy' Scare: CFO Blames Unlimited Shrimp Deal, Pricey Labour and Leases

Red Lobster Instagram Thai Union Wendys
Red Lobster eyes bankruptcy after $11M 'endless shrimp' flop! (Credit: Red Lobster Instagram)

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.

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