For the love of Cheddar Bay Biscuits, go to Red Lobster to save it from bankruptcy! The popular seafood chain we know and love is going through a rough patch, especially after losing more than $11 million during it’s Ultimate Endless Shrimp promotion. Now, they are considering filing for Chapter 11 bankruptcy, a move that aims to reevaluate crushing leases, tackle long-term contracts, and navigate the challenges posed by escalating labor costs. Filing for Chapter 11 bankruptcy means the company can keep operating for the foreseeable future. The seafood chain will team up with creditors and investors to come up with a plan to lower their debt, hoping to set a solid financial foundation for the future. So, did the $20 Ultimate Endless Shrimp promotion really put the company in jeopardy? Not solely, but it certainly contributed to it. When former CEO Kelli Valade resigned in 2022 after just 8 months on the job, it was a major flag. Now fans of Red Lobster are taking to social media to encourage people to dine there. One social media user even posted “Stay open and risk it for the biscuit!"
