Red Lobster has officially filed for bankruptcy and closed nearly 100 stores around the country after a series of failed rescue plans. Notably, the company's Endless Shrimp promotion, which offered customers an unlimited supply of select shrimp dishes for $20, led to an $11 million operating loss in Q4 of 2023 and was particularly challenging for the staff. However, other financial missteps, such as divesting property holdings and renting back premises under punitive leases, also contributed to the company's demise.
‘Tis no man. ‘Tis a seafood eating machine.
https://slate.com/life/2024/05/red-lobster-restaurant-closing-bankrupt-endless-shrimp.html