Red Lobster, one of the largest restaurant chains in the world, has filed for bankruptcy, citing somewhere between $1 and $10 billion in liabilities.
This is a sign of just how great the economy is doing, as the chain cited the pandemic and inflation as contributing factors to the bankruptcy.
By the numbers: Red Lobster said its estimated liabilities were between $1 billion to $10 billion, per its bankruptcy filing.
Catch up quick: Even before the filing in Florida, Red Lobster had to close dozens of locations and lay off hundreds of employees.
- The pandemic and inflation tied to rising food and labor costs compounded Red Lobster's challenges.
The big picture: Casual dining as a subsector fared poorly last year, beat out by fast food, fast casual and family dining.
But there's also more:
Wow.
Those are the only thing we'll truly miss.
Seems to be a common request.
Red Lobster did lose their shirt over all-you-can-eat shrimp recently.
Hey, that's was the deal.
Sums it up.
$1 to $10 billion in debt.
Yeah, the economy can't just be 'paused'; this is what happens when you try.
Really is; several locations are closing, which means layoffs for the employees.
Sure seems that way.
We're not doing better than 2016. Definitely not.
Also a common reaction: people noted a decline in quality of food and service, which can't help businesses in this economy.
And pour one out for Red Lobster.