Red Lobster Declares Bankruptcy Amid Mounting Debt and Mismanagement

The iconic seafood chain faces closures and restructuring after financial losses and leadership turmoil under Thai Union's control.

Red Lobster filed for Chapter 11 bankruptcy, citing $1 billion in debt and plans to close dozens of locations.
The chain's $20 endless shrimp promotion led to significant financial losses, exacerbating existing issues.
Thai Union's management changes and cost-cutting measures negatively impacted operations and employee morale.
Former executives describe a toxic work environment and poor decision-making by Thai Union-appointed leaders.
Red Lobster aims to restructure and continue operations, but its future remains uncertain.