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Its May 19 bankruptcy filing and closing of almost 100 locations across the country has devastated its legion of fans and 36,000 workers. The chain is iconic enough to be featured in a Beyonce song.
The pandemic and labor costs aren't the only culprit of Red Lobster's declining profits. Those all-you-can-eat promotions have also caused a toll. Its $20 Ultimate Endless Shrimp deal cost the ...
May 20, 2024 at 11:55 AM. Red Lobster officially files for Chapter 11 bankruptcy, fans react. ABOVE: Red Lobster restaurant in New York City. Red Lobster officially filed for Chapter 11 bankruptcy ...
As reported earlier, Red Lobster was considering filing for Chapter 11 bankruptcy after a failed promotion cost it millions of dollars, according to Bloomberg. The seafood chain reported $11 ...
Red Lobster reported a loss of $11 million in the third quarter of 2023, primarily due to an “Ultimate Endless Shrimp” promotion it offered last summer, in which customers would pay $20 for ...
Chicken Soup for the Soul Entertainment, the entertainment company that operates Redbox, Crackle and other businesses, filed for Chapter 11 bankruptcy protection — after failing to pay employees ...
To avoid a loss in revenue, the chain slowly began increasing the promotion prices from $20, to $22, and then $25, according to NBC. However, Red Lobster went on to report approximately $11m in ...
Red Lobster’s Endless Shrimp promotion was a big part of the reason the chain reported an $11 million operating loss in the third quarter of last year.