(Bloomberg) -- Seafood restaurant chain Red Lobster filed for bankruptcy, succumbing to onerous leases, high labor costs and a disastrous unlimited shrimp promotion. Most Read from BloombergIran State TV Says ‘No Sign of Life’ at Helicopter Crash SiteSpeedier Wall Street Trades Are Putting Global Finance On EdgeSaudi Crown Prince Postpones Japan Trip Over King’s HealthEbrahim Raisi, Iranian President Confronting West, Dies at 63One of the Last Big Bears on Wall Street Turns Bullish on US StocksT
Has nothing to do with labor or shrimp…this is 100% some hedge fund selling all the red lobster land to themself, then leasing the land back to Red lobster. They literally killed the company for profit and put throusands out of work for their own personal gain.
Correct. https://www.businessinsider.com/red-lobster-endless-shrimp-bankruptcy-private-equity-debt-real-estate-2024-5
Another interesting angle on the story, the impact to black communities:
https://www.msnbc.com/opinion/msnbc-opinion/red-lobster-black-community-rcna152584