The Gateway Pundit revealed last week that Red Lobster was in danger of going bankrupt after closing 127 locations in 27 states. Now the fall of the famous seafood restaurant is complete, mainly thanks to Bidenomics.
Like the Daily Mail reported, Red Lobster officially filed for bankruptcy protection on Sunday evening. The chain revealed in a court filing on Sunday that Red Lobster's estimated assets are between $1 billion and $10 billion, while its estimated liabilities are between $1 billion and $10 billion.
Red Lobster also has more than 100,000 creditors.
The mail notes The bankruptcy filing was signed by Jonathan Tibus, a corporate restructuring specialist who became CEO of Red Lobster in March.
Tibus issued a statement claiming that filing for bankruptcy is “the best path forward” and that it will make the company more robust.
This restructuring is the best path forward for Red Lobster. It allows us to tackle various financial and operational challenges and emerge stronger and refocus on our growth.
The support we have received from our lenders and vendors will ensure that we can complete the sales process quickly and efficiently, while continuing to focus on our employees and guests.
NPR reports that approximately 580 locations in the U.S. and Canada will remain open during the trial. Together, these locations employ approximately 36,000 employees.
Biden's waste economy has made eating out more expensive in America. For example, fast food prices have skyrocketed 33% since 2019, while Bidenflation makes the dollar increasingly worthless.
red lobster launched an ill-advised $25 promotion for “endless shrimp” in a desperate attempt to attract customers. The offering was introduced last June as a permanent fixture on the menu.
More people took advantage of the offer than Red Lobster expected, but the company held on for six months.
The losses exceeded the $3.3 million lost to a similar promotional program in 2003.
Red Lobster was founded by Bill Darden in 1968. Darden wanted to make seafood restaurants more accessible and affordable for American families. He later sold the company to General Mills 1970.
General Mills later founded Darden Restaurants, which has several other restaurant chains, including Olive Garden. They let go of Red Lobster 1995.
Red Lobster is currently active 700 locations worldwide.
