Bloomberg: Red Lobster Considers Bankruptcy to Deal With Leases and Labor Costs

[Falchion]

I'm sure they've lost a bunch of clients

Red Lobster will not be the only one heading for bankruptcy soon or looking to sell.

Bob Evans rumored to be up for sale

The chain, which is owned by Golden Gate Capital, had over $800 million in systemwide sales in 2022 and reportedly mulled a sale that year, too.

www.restaurantdive.com

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I don't care about the restaurant but I need those Bob Evans mashed potato vats from the grocery store.

 

[Carbon]

the restaurant industry is broken

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The American system is broken. This is just another symptom.
As with all things, LINE MUST GO UP.

 

[Tobor]

The American system is broken. This is just another symptom.
As with all things, LINE MUST GO UP.

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I mean, restaurant chains fail. They have for our entire lives. I'm not saying the system is fine, but a restaurant chain filing for bankruptcy isn't even unusual.

 

[Carbon]

I mean, restaurant chains fail. They have for our entire lives. I'm not saying the system is fine, but a restaurant chain filing for bankruptcy isn't even unusual.

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Oh, definitely. I'm more talking the trend of private equity buying things up, squeezing the life out of them for all the profits they can take, then loading up the carcass with bad debt and then discarding the remains.

 

[PeakPointMatrix]

Red Lobster will not be the only one heading for bankruptcy soon or looking to sell.

Bob Evans rumored to be up for sale

The chain, which is owned by Golden Gate Capital, had over $800 million in systemwide sales in 2022 and reportedly mulled a sale that year, too.

www.restaurantdive.com

Click to shrink...

I've never heard of this chain in my life. Is there really a restaurant chain named just.. Bob Evans? I guess Daveland wasn't such a farfetched joke after all.

 

[empurror]

i had a spontaneous desire to get red lobster probably 8 years ago now and it was awful. tasteless overpriced seafood

 

[PHOENIXZERO]

Went there Saturday for the first time in like I dunno, 10 years? Outside of the biscuit, it was terrible

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Been longer, maybe 15 years at the minimum for me but yeah my mother wanted to go there for unlimited shrimp so we went and I don't really like seafood but they use to have a lot more non-seafood options that were no longer on the menu. I bought a discounted gift card from Sam's Club before going so I didn't pay full price but still was definitely not good enough to justify the price. No interest in going back though I haven't really liked Red Lobster since I was maybe 12 when I got food poisoning from them.

 

[PHOENIXZERO]

I've never heard of this chain in my life. Is there really a restaurant chain named just.. Bob Evans? I guess Daveland wasn't such a farfetched joke after all.

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They were pretty common and in a bunch states, still has over 400 restaurants in a bunch of states from Michigan to Florida and from Kansas to Delaware according to the Wiki, around for almost 80 years, Bob Evans (though spun off from the restaurant chain) products as a brand is sold in grocery stores.

Coincidentally, Bob Evans are owned by the same vampires as Red Lobster.

 

[FlaygletheBagel]

The appeal of these giant American chain restaurants used to be access and price, but now they're just as, if not more expensive than something that's locally owned and fresh. I went to Olive Garden a couple years ago and was stunned at the prices for just a basic entree. At a certain point you've got to wonder why you're not eating literally anywhere else.

 

[loco]

Entire franchise went in the shitter after they got rid of $12.99 all you can eat shrimp.

 

[sfedai0]

Obviously these chains have survived without my business but I havent been to any of them since the early '90s and Im still kinda shocked some are still around. Olive Garden, Cheesecake Factory, Ruby Tuesdays, TGI Friday etc

 

[Big Tex]

One of my all time Simpsons quotes

 

[gnexus]

Men are disappointing women in the bedroom, apparently.

 

[Veliladon]

Private equity kills all things in time.

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This should have been the first reply honestly because it's basically one and done.

 

[Walter White Walker]

I haven't eaten there in about a decade because rather overpriced and not really that good. I totally love seafood, but everything there really tastes like oil or butter.
Add in the absurd amount of sodium (which goes for every restaurant, but Red Lobster is worse than most) and nope.

 

[Josh5890]

Red Lobster eyes bankruptcy option after $11M in losses from endless shrimp promotion

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.

abc7chicago.com

Say goodbye to the endless shrimp deal.