Reported 7 months ago
The article discusses how Red Lobster attributes its bankruptcy to its former CEO's decision to make an all-you-can-eat shrimp promotion a permanent $20 menu item, leading to an $11 million loss and supply obligations with a major shareholder, Thai Union. The new CEO criticized the ex-CEO's choices and highlighted issues such as falling customer count, rising costs, and underperforming stores, contributing to the company’s financial troubles. Thai Union also announced its intention to cut ties with Red Lobster due to financial misalignment.
Source: YAHOO