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Apr 16 - Report: Red Lobster is preparing for bankruptcy filing 🦞



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 1 month ago '07        #1
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theFREAK  topics gone triple plat - Number 1 spot x594
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icon Apr 16 - Report: Red Lobster is preparing for bankruptcy filing 🦞
 

 
IG

Struggling seafood chain Red Lobster is considering filing for Chapter 11 bankruptcy protection to restructure its debt, according to a report Tuesday from Bloomberg, citing people familiar with the matter.

The chain last month installed Jonathan Tibus, a managing director with restructuring firm Alvarez & Marsal, as its new CEO, viewed as a step toward preparing the brand for sale by owner Thai Union Group. He’s the company’s third CEO in the past two years.

Orlando-based Red Lobster is now said to be in talks with law firm King & Spalding to divest itself from long-term contracts and renegotiate leases, Bloomberg reported.


Red Lobster did not immediately respond to a Restaurant Business request to comment on the potential bankruptcy.

The 650-unit legacy chain has been hobbled in recent years by leadership stumbles and strategic missteps, magnified by economic challenges.

In January, Thai Union announced it was cutting ties with Red Lobster and looking for a buyer.

Red Lobster lost $33 million in 2022 as traffic slowed and food and labor costs skyrocketed. The chain shuttered 16 restaurants.

To compound the problems, the chain debuted a $20 all-you-can-eat shrimp deal last summer. The deal was popular but it ended up costing the company more than $11 million in one quarter.

A bankruptcy filing would allow Red Lobster to keep operating while it works to shore up its financial position.

Restructuring talks are ongoing and a final decision has not been reached, Bloomberg noted.

Red Lobster was created by legendary restaurateur Bill Darden in 1968, becoming one of the first seafood chains in the U.S. Darden Restaurants sold the chain to private-equity firm Golden Gate Capital for $2.1 billion in 2014. Thai Union Group acquired a 25% stake in Red Lobster in 2016 before buying the brand in 2020.


Last edited by theFREAK; 04-16-2024 at 07:51 PM..
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109 comments

 1 month ago '10        #2
acegutta22  topics gone triple plat - Number 1 spot x3
Props total: 42100 42 K  Slaps total: 6924 6 K
Poor people will never eat lobster again
+21   

 1 month ago '23        #3
Yopa 
Props total: 19038 19 K  Slaps total: 7898 7 K
Ran by maga
-5   

 1 month ago '08        #4
cohs  topics gone triple plat - Number 1 spot x14
Props total: 68816 68 K  Slaps total: 4149 4 K
 acegutta22 said 🔗
Poor people will never eat lobster again
Lies. I had some at outback today.
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+9   

 1 month ago '19        #5
Megaman 
Props total: 13460 13 K  Slaps total: 11515 11 K
remember this chain as kid. had no idea they still existed.
-18   

 1 month ago '10        #6
acegutta22  topics gone triple plat - Number 1 spot x3
Props total: 42100 42 K  Slaps total: 6924 6 K
 cohs said 🔗
Lies. I had some at outback today.
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You should just get a thermometer. Be very serious steak at home yourself. I just made one two days ago. It was so juicy way better than any Outbacks that could ever be and probably only cost me $20 for a premium cut thick steak ribeye. It was gorgeous
+19   

 1 month ago '06        #7
philly337  topics gone triple plat - Number 1 spot x3
Props total: 85553 85 K  Slaps total: 22970 22 K
Got some alfredo from there the other day and that sh1t was like microwave food
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.

Used to like it


Last edited by philly337; 04-16-2024 at 08:47 PM..
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 1 month ago '22        #8
DiamondsNPipes 
Props total: 5615 5 K  Slaps total: 1093 1 K
 philly337 said 🔗
Got some alfredo from their the other day and that sh1t was like microwave food
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.

Used to like it
Most of these HOMOGONIZED restaurants have fallen off hard because its no longer cool to eat at a place that everyone else knows about. One off - boutique style restaurants have come back with a vengeance and are always packed in big cities.

Red Lobster, Olive Garden, Texas Roadhouse, Chili's, Applebee's, IHOP, & more need to die off already. They are way out dated and America is not family oriented enough anymore for them to thrive.
+40   

 1 month ago '08        #9
cohs  topics gone triple plat - Number 1 spot x14
Props total: 68816 68 K  Slaps total: 4149 4 K
 acegutta22 said 🔗
You should just get a thermometer. Be very serious steak at home yourself. I just made one two days ago. It was so juicy way better than any Outbacks that could ever be and probably only cost me $20 for a premium cut thick steak ribeye. It was gorgeous
I can hold my own in the kitchen, but the kiddo said he never had outback so we went to outback.
+5   

 1 month ago '17        #10
Skratch  topics gone triple plat - Number 1 spot x1
Props total: 17400 17 K  Slaps total: 5203 5 K
Places like these are outdated, i dont know any millienials and younger who even mention them. Times have changed
+22   

 1 month ago '04        #11
orv 
Props total: 15616 15 K  Slaps total: 1956 1 K
Rebrand to Keto Lobster then watch the money flow in.
+7   

 1 month ago '04        #12
ddash 
Props total: 135011 135 K  Slaps total: 9534 9 K
 acegutta22 said 🔗
You should just get a thermometer. Be very serious steak at home yourself. I just made one two days ago. It was so juicy way better than any Outbacks that could ever be and probably only cost me $20 for a premium cut thick steak ribeye. It was gorgeous
Oh you getting money Plehboi
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 1 month ago '21        #13
SHAMPOOO  topics gone triple plat - Number 1 spot x33
Props total: 34971 34 K  Slaps total: 15849 15 K
 DiamondsNPipes said 🔗
Most of these HOMOGONIZED restaurants have fallen off hard because its no longer cool to eat at a place that everyone else knows about. One off - boutique style restaurants have come back with a vengeance and are always packed in big cities.

Red Lobster, Olive Garden, Texas Roadhouse, Chili's, Applebee's, IHOP, & more need to die off already. They are way out dated and America is not family oriented enough anymore for them to thrive.
 Skratch said 🔗
Places like these are outdated, i dont know any millienials and younger who even mention them. Times have changed
emoji
"Outdated" TF How???

Cause they aint got no Salt-Bae N!gga Shoving a Meat in your Mouf...You want a N!gga to squirt Beverage in your Mouf while your girl Record?

🔗


🔗

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 1 month ago '23        #14
ThesOne  topics gone triple plat - Number 1 spot x7
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Em biscuits slapped

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+25   

 1 month ago '17        #15
WHATEVERMAN 
Props total: 28107 28 K  Slaps total: 2898 2 K
 Megaman said 🔗
remember this chain as kid. had no idea they still existed.
Yeah, I've been there like 2 times since coming to California 12 years ago. It's the kind of place that only felt appealing when I lived in the suburbs before I really found out about food. Those cheddar biscuits are still the truth though.
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 1 month ago '13        #16
diamondsxmoney 
Props total: 31974 31 K  Slaps total: 1356 1 K
Tell Beyonce to mention em again
Them h0es gonna rush to red lobster
?
Profit
+9   

 1 month ago '06        #17
senimsilla 
Props total: 10737 10 K  Slaps total: 336 336
Damn....lost 11 M's in one quarter.
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+12   

 1 month ago '21        #18
Fatt Kidd 
Props total: 20172 20 K  Slaps total: 7017 7 K
Is it actually any good? Probably not now since this is the news but was it like fast food seafood?

 1 month ago '14        #19
reelife  topics gone triple plat - Number 1 spot x179
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Never tried it
+3   

 1 month ago '12        #20
The2ndHorseman 
Props total: 34822 34 K  Slaps total: 2472 2 K
last time I went to red lobster with my lady they charged and arm and a leg for some bullsh1t a$s food

not surprised to see them fold
+3   

 1 month ago '05        #21
Rockstar718 
Props total: 56986 56 K  Slaps total: 4741 4 K
The crab boil type restaurant is taking over the seafood game.

Chain restaurants in general need to do a better job of connecting locally if they want to stay afloat. Be strategic about specials, have specialty nights, have a celebrity chef created special, etc.


Last edited by Rockstar718; 04-16-2024 at 10:37 PM..
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 1 month ago '22        #22
LordGimmeASine 
Props total: 18688 18 K  Slaps total: 1339 1 K
Idk why y'all frontin' like y'all never had the Ultimate Feast at Red Lobster or their biscuits.

I haven't eaten there in a while but y'all worse than that Cheesecake Factory shorty from a while back.

+29   

 1 month ago '15        #23
Prad Bitt 
Props total: 22349 22 K  Slaps total: 1723 1 K
Putting the stuffed mushrooms in some biscuits with the crab Queso dip couple drinks and we back to the streets
+5   

 1 month ago '20        #24
Born Bad 
Props total: 65539 65 K  Slaps total: 5583 5 K
They had a great run
+3   

 1 month ago '04        #25
Javon23  topics gone triple plat - Number 1 spot x30
Props total: 95963 95 K  Slaps total: 18265 18 K
They better not close up shop
This sh1t is personal to me
My grandma RIP use to take me there back when it was a considered a premium restaurant.
+18   

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