Red Lobster has a new CEO and is focused on possible restructuring through Chapter 11 bankruptcy, according to Bloomberg.

“Last year, Red Lobster reported $11 million in operating losses following its flubbed ‘Ultimate Endless Shrimp’ deal, which backfired when it reeled in too many customers after the limited-time promo became a permanent menu fixture last June. The restaurant chain later reported $12.5 million in losses in the fourth quarter of 2023.”

  • @[email protected]English
    23•7 months ago

    If that much loss is going to bring down a corporation? Maybe the corpo wasn’t being taken care of good enough

    • @someguywithacomputerEnglish
      7•7 months ago

      I bet this is just the setup for when they try to weasel their way out of California’s minimum wage and then when they win, they’ll use the same playbook to try to get around minimum wage in other states. This could cause a snowball effect where a nonzero number of employers get a free pass on select labor laws.

      Hopefully they just lose and go out of business.