Red Lobster's 'Endless Shrimp' promotion has reportedly led to significant financial distress for the seafood chain, culminating in an estimated $11 million operating loss for the third quarter of 2023. This financial downturn has prompted considerations for filing Chapter 11 bankruptcy. Additionally, the parent company of Red Lobster is planning to sell its majority stake following these losses.
Watch: Red Lobster is in trouble. After it filed $11 million in third-quarter operating losses, the seafood chain’s parent company has announced it will sell its majority stake. WSJ explains what went wrong. https://t.co/yCVNTD49FR https://t.co/yCVNTD49FR
Endless Shrimp didn't sink Red Lobster. Wall Street did. https://t.co/7kGObG8his
The WSJ trying to explain The American Eater phenomenon Why Red Lobster's 'Endless Shrimp' Is Too Much of a Good Thing https://t.co/U3y9PkaQZa
Red Lobster estimated its endless shrimp promotion had resulted in an approximately $11 million in operating loss for Q3 2023. STORY: https://t.co/DMs0wzqxRg https://t.co/7UCXmKNJvl
Red Lobster estimated its endless shrimp promotion had resulted in an approximately $11 million in operating loss for Q3 2023. Now, Red Lobster is reportedly considering filing for Chapter 11 bankruptcy as it continues to reel from its financial losses. https://t.co/BHOrcAvug3
Could 'endless shrimp' spell the end for Red Lobster?. https://t.co/P2wV1NSIDK Click the image to read more:
Could 'endless shrimp' spell the end for Red Lobster? https://t.co/EJ4f8PLjmZ