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Fortune
Fortune
Eleanor Pringle

Red Lobster is blaming its bankruptcy on top shareholder and its ex-CEO, saying an $11M all-you-can-eat-shrimp fiasco contributed to its demise

Red Lobster Thai Union Jonathan Tibus Paul Kenny Fortune
Patrons dine inside a Red Lobster restaurant in Sao Paulo, Brazil (Credit: Paulo Fridman—Bloomberg/Getty Images)

The new CEO at seafood chain Red Lobster said an endless shrimp deal was a nail in the coffin for the brand, which filed for bankruptcy this week.

While restaurants for the crab, lobster, and seafood brand remain open, incoming CEO Jonathan Tibus—a restructuring advisor—is picking over the decisions of his predecessor and appears to be left unimpressed.

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