Red Lobster files for bankruptcy | What's next for the largest seafood restaurant chain in the world

Red Lobster files for bankruptcy | What's next for the largest seafood restaurant chain in the worldNathaniel Meyersohn, CNNWith lease and labor costs piling up, Red Lobster is now reportedly considering filing for bankruptcy.

But recent mismanagement, competition, inflation and other factors brought down Red Lobster, analysts and former Red Lobster employees say. Former Red Lobster employees say Thai Union's cost-cutting efforts and strategy mistakes hurt the chain."Thai Union forced huge cost reductions, including many that were penny wise and pound foolish because they hurt sales," a former Red Lobster executive who spoke under the condition of anonymity because of a non-disclosure agreement with the company told CNN earlier this month. Thai Union did not respond to requests for comment on that article.

"We need to be much more careful," Thai Union CFO Ludovic Garnier said on an earnings call in November 2023.

Red Lobster Bankruptcy Who Owns Red Lobster Restaurants Is Red Lobster Closing Red Lobster Shrimp Red Lobster Closing Red Lobster Locations Red Lobster News 14846711

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