Red Lobster is in hot financial waters, attempting to stay afloat by eyeing Chapter 11 bankruptcy to restructure its debts after an endless shrimp promotion sank the seafood restaurant chain's bottom line, according to reports.
The seafood restaurant chain sunk financially after a flubbed promo.Red Lobster recently lost $11 million on its endless shrimp deal, and it's reportedly considering filing for bankruptcy.
The outlet reported that Fortress Investment Group, one of Red Lobster's key lenders, is also involved in current debt negotiations.
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Red Lobster eyes bankruptcy option after $11M in losses from endless shrimpThe seafood restaurant chain sunk financially after a flubbed promo.
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Red Lobster eyes bankruptcy option after $11M in losses from endless shrimp promotionRed Lobster is in hot financial waters, attempting to stay afloat by eyeing Chapter 11 bankruptcy to restructure its debts after an endless shrimp promotion sank the seafood restaurant chain's bottom line, according to reports.
Read more »
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Report: Red Lobster’s ‘Endless Shrimp’ Deal Leads Company to Consider BankruptcySource of breaking news and analysis, insightful commentary and original reporting, curated and written specifically for the new generation of independent and conservative thinkers.
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