Red Lobster is filing for bankruptcy. How is it possible this happened to Red Lobster before TGI Fridays?! How?! Let's get right to it: Red Lobster's not in a great spot, y'all. Sure, they'll retain their current locations and try to turn things around.
But, things are looking a bit dire for the brand. ...Wait. I'm receiving word Red Lobster was doing an "Unlimited Endless Shrimp" promotion? It cost the company $11 million dollars? ...Never mind. I think I understand why Red Lobster's suffering like this.
As you can imagine, the reactions across the internet have been all over the place. From politicians blaming each other, to astute articles as to why this happened, to good ol' social media shenanigans. Let's start with the interesting, factual tidbits and dive into the depths from there.
Details from Red Lobster?s bankruptcy filing are wild and so much mismanagement:
??$1B in debt, $30m in cash
??Previous PE owner sold land and leased it back to Red Lobster at ?above market rates?
??$20 Endless Shrimp cost it $11m but the interesting part is that one of the? pic.twitter.com/kRzGt2wbQf— Trung Phan (@TrungTPhan) May 20, 2024
Genuinely, it's a wonder the restaurant chain has lasted as long as it has if you dive into the rabbit hole of what led to the bankruptcy. ...I'm no business major, but what room of executives thought serving seafood for free was a good idea?! Yeah, people paid $20 initially, but for unlimited shrimp, that "entry fee" will have you bleeding money before long!
The Bankruptcy Abyss Red Lobster Is Looking Down: The Reactions Have Been Sublime
Do what you do, internet!
Me finding out I?ll never have Cheddar Biscuits from Red Lobster again: pic.twitter.com/IhuuHR7VaD
— In My Mind (@MeAloneInMyMind) May 20, 2024
No more cheddar biscuits, y'all. You'll have to go somewhere else to get your fix of delicious biscuits. If only Beyonce could've kept mentioning Red Lobster. Maybe things would've been different.
?Wait how much free Shrimp do you want to give away??
Red Lobster?s CFO: pic.twitter.com/jLGowcZaJK
— High Yield Harry (@HighyieldHarry) May 20, 2024
We know the shrimp debacle isn't the sole reason why Red Lobster is collapsing. ...But, admit it. It's funny to roast the company for it anyway!
Based on this caption alone I can make the argument that inflation forced what would be the middle class to divert their funds into other things that are more sustainable and spoiling yall selves with red lobster just ain?t in the budget anymore. pic.twitter.com/oIktULKU21
— meh (@kaye_ozz) May 20, 2024
...Controversial take: I never considered the seafood chain to be "middle-class." I don't want to get into all the socioeconomic nuances, but I always thought Red Lobster was for people who thought they were middle-class and went there to show off every so often. That's only my perspective, granted.
Some people are angry (we won't get into that now because I don't have the energy to tackle the stupidity on X regarding Red Lobster at the moment). Others are sad (the cheddar biscuits are trending as I type this). But to conclude this article? Let's laugh a little. Here's a snippet from a stand-up comedian talking about the likes of the seafood chain, Applebee's, Olive Garden, and the other restaurants I know came to mind when you saw those first three names.
Since people wondering why anyone would eat at Applebee's, TGI Fridays, Olive Garden, or Red Lobster, allow me to give a midwestern middle-class perspective. pic.twitter.com/WE05nVDEh8
— Charles McBee (@CharlesMcBee) September 12, 2022
