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☆ The rise and fall of Red Lobster, whose bottomless shrimp may be leading to bankruptcy
▼ + stars: | 2024-05-10 | by ( Erin Mcdowell | ) www.businessinsider.com time to read: +1 min

Red Lobster is reportedly considering filing for bankruptcy. Despite its current status, Red Lobster was once a pioneer in the casual-dining industry. However, Red Lobster wasn't always on the hook. Here's the rise and fall of Red Lobster through the years. Red Lobster did not respond to a request for comment for this story.

Persons: — Organizations: Service, Biscuits

☆ Red Lobster brought seafood to the masses. Now it’s on the verge of bankruptcy
▼ + stars: | 2024-05-03 | by ( Nathaniel Meyersohn | ) edition.cnn.com time to read: +11 min

While it was a delicious deal for customers, it was terrible for the company: Red Lobster lost $3.3 million in seven weeks. The deal was once again too popular, and Red Lobster was unprepared for its customers’ insatiable lust for discounted shellfish. Red Lobster is now reportedly considering filing for bankruptcy protection to restructure its debt and shed some of its 650 US locations. Red Lobster stallsBut Red Lobster fell behind its sister brand Olive Garden under Darden. In 2021 and 2022, Red Lobster brought on a new CEO, chief marketing officer, chief financial officer and chief information officer.

Persons: Lobster, “, ”, John Gordon, Michael Nagle, Alex Susskind, General Mills, Bill Darden, Charley Woodsby, Darden, ” Woodsby, Jonathan Maze, Betty Crocker, Red, Glen Martin, Mills, ” Joe Lee, Olive, Red Lobster’s, “ Darden, ” Les Foreman, Justin Sullivan, they’ve, Les Foreman, Thiraphong Chansiri, ” “, ” Chansiri Organizations: New, New York CNN, Lobster, Thai Union, Bloomberg, Getty, Red Lobster, CNN, Cornell University, Baby Boomers, General, Howard, Restaurant Business, Darden, Denver Post, Harvard Business School, Longhorn, Darden Restaurants, Gate, ‘, Thai, “, ” Thai Locations: New York, United States, Bangkok, Thai, underinvestment, Lakeland , Florida, Orlando, America, Olive, Sale, Thai Union, Thailand

☆ Interest rates staying where they are is a forgone conclusion, but the Fed's decision day still matters
▼ + stars: | 2024-05-01 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +7 min

In today's big story, what another delay to interest rate cuts means for a market banking on them. The big storyThe waiting game continuesChip Somodevilla/Getty Images; BISpoiler alert: The Federal Reserve won't be lowering interest rates today. The official announcement won't come until this afternoon, but interest rates staying where they are is a forgone conclusion. The CME FedWatch Tool, which calculates the probability of the Fed's decision based on interest rate traders, has the odds of rates staying untouched at 97.5%.) Talk of cutting interest rates has been going on for the better part of a year.

Persons: —, it's, doesn't, We'll, Chip Somodevilla, Jerome Powell, Matt Rourke, Sarah Silbiger, Alyssa Powell, CME's, aren't, Powell, Erin Schaff, Paul Krugman, Donald Trump's, Krugman, Trump, Marko Kolanovic, Rebecca Zisser, Instagram, Changpeng Zhao, Binance, Amazon, Emma Tucker's, Steve Bannon, Dan DeFrancesco, Jordan Parker Erb, Hallam Bullock, George Glover Organizations: Business, Service, Stagecoach, Trump, Tech, Investors, Bloomberg, Getty, The New York Times, Hunterbrook, JPMorgan, Adobe, Wall Street Journal, Staff, eBay, Pfizer, Google Locations: stagflation, New York, London

The Times Square Red Lobster will be offering free all-you-can-eat lobster to a select few customers on March 28. Beleaguered seafood chain Red Lobster is seeking a buyer as it looks to avoid filing for bankruptcy, CNBC has learned. Red Lobster could secure a buyer, it could declare bankruptcy or its lenders could take control of the company. This year marks the 10-year anniversary of Darden Restaurants' sale of Red Lobster after investors pushed the company to divest. As a result, Red Lobster reported $11 million in losses in the fiscal third quarter and $12.5 million in losses the following quarter.

Persons: it's, Jonathan Tibus, Alvarez, Lobster, Kim Lopdrup, Kelli Valade, Horace Dawson, Red Organizations: Times, CNBC, Bloomberg, Red Lobster, Darden Restaurants, Golden Gate Capital, Thai Union Group, Red, Seafood Alliance Locations: Golden

☆ Red Lobster is offering an endless lobster feast. What should you know?
▼ + stars: | 2024-02-21 | by ( John Towfighi | ) edition.cnn.com time to read: +3 min

In celebration of its annual Lobsterfest, Red Lobster is giving 150 winners an “Endless Lobster Experience,” a two-hour complimentary feast of unlimited lobster, two sides and Cheddar Bay Biscuits. But the Endless Lobster Experience comes at a tumultuous time: Red Lobster reported a record $12.5 million operating loss in the fourth quarter of 2023. And in January, minority investor Thai Union Group announced its intent to exit Red Lobster, citing a $19 million loss from Red Lobster across the first nine months of 2023. Starting February 20 and while supplies last, 150 winners will have a chance to enjoy Red Lobster’s free feast. The chance to win the Endless Lobster Experience will be advertised through Red Lobster’s social media channels, including Facebook, X, Instagram and TikTok.

Persons: ”, headwinds, Thiraphong Chansiri, Ludovic Garnier, Chansiri, “ We’re, Lobsterfest, you’ll, “ I’m Organizations: CNN, Cheddar Bay Biscuits, Thai Union Group, Thai Union, Red Lobster, Facebook Locations: Cheddar, Florida, Maine

☆ I spent $125 on dinner for 2 at Red Lobster. It was the most decadent meal I've ever eaten at a chain restaurant.
▼ + stars: | 2024-02-08 | by ( Erin Mcdowell | ) www.businessinsider.com time to read: +1 min

In honor of Valentine's Day, a friend and I had dinner for two at Red Lobster. I was impressed by the rich, decadent meal, and left feeling completely stuffed. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementRed Lobster is arguably the most romantic chain restaurant, thanks to its focus on seafood and decadent dishes. From Red Lobster's signature Cheddar Bay Biscuits to the glitter-filled cocktails, the meal felt more special than other chain restaurants I've been to.

Persons: Valentine's, — Organizations: Service, chain's, Biscuits Locations: New York City

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