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