{"id":2245001,"date":"2024-05-15T11:08:02","date_gmt":"2024-05-15T15:08:02","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/red-lobster-to-file-for-bankruptcy-after-all-you-can-eat-shrimp-deal-cost-the-company-millions\/"},"modified":"2024-05-15T11:11:48","modified_gmt":"2024-05-15T15:11:48","slug":"red-lobster-to-file-for-bankruptcy-after-all-you-can-eat-shrimp-deal-cost-the-company-millions","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/red-lobster-to-file-for-bankruptcy-after-all-you-can-eat-shrimp-deal-cost-the-company-millions\/","title":{"rendered":"Red Lobster to Declare Bankruptcy Due to Costly All-You-Can-Eat Shrimp Deal"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">22<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fred-lobster-to-file-for-bankruptcy-after-all-you-can-eat-shrimp-deal-cost-the-company-millions%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=2245001&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><p>Red Lobster,\u200c the leading U.S. seafood chain, faces bankruptcy due to a costly all-you-can-eat \u200bshrimp\u200c deal. With\u2062 650 locations nationwide, headquartered in Orlando, Florida, and recent closures, Thai Union Group, the majority shareholder, halts funding. Red Lobster \u200bplans to negotiate debts through bankruptcy to sustain operations, aiming\u2064 to cut\u200c substantial debt as sales decline, as\u2062 reported by The Wall Street Journal.  <\/p>\n<p class=\"readmore\">\n    <button onclick=\"showReadMore()\" id=\"readmorebtn\">Read more&#8230;<\/button>\n<\/p>\n<hr id=\"line\">\n<span id=\"more\"><\/p>\n<p style=\"font-weight: 400\">Red Lobster, the largest U.S. <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/from-country-stars-to-restaurant-chains-the-bud-light-backlash-isnt-slowing-down\/\" title=\"From Country Stars To Restaurant Chains, The Bud Light Backlash Isn\u2019t Slowing Down\">seafood restaurant chain<\/a>, is expected to file for bankruptcy after offering customers an all-you-can-eat shrimp deal that ultimately cost the company millions of dollars.<\/p>\n<p style=\"font-weight: 400\">Red Lobster currently boasts roughly 650 locations nationwide and has its headquarters in Orlando, Florida; it recently closed dozens of its outlets. Thai Union Group, Red Lobster\u2019s majority owner, said they were through funding the chain.<\/p>\n<p style=\"font-weight: 400\">\u201cWe\u2019re going to exit. We are not going to inject any more money into Red Lobster,\u201d Thai Union Chief Executive\u00a0Thiraphong Chansiri\u00a0said in February.<\/p>\n<p style=\"font-weight: 400\">\u201cThe company aims to use the bankruptcy process to negotiate concessions from landlords and strike a deal with creditors to continue operating, moves that could trim hundreds of millions of dollars in debt,\u201d Red Lobster said, according to <a href=\"https:\/\/www.wsj.com\/business\/hospitality\/red-lobster-preparing-to-file-for-bankruptcy-protection-this-month-b1198173\" target=\"_blank\" rel=\"noopener\">The Wall Street Journal<\/a>, which noted that the company\u2019s sales dropped 8% from 2022 to 2023.<\/p>\n<p style=\"font-weight: 400\">The Journal pointed out that restaurant chains are suffering because typical consumers, who have incomes less than $50,000, cannot afford to eat out because the current economy has forced them to cut spending. Another factor crippling the chains is the <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/turkeys-lira-sinks-again-as-erdogan-cites-islamic-sharia-law-to-defend-economic-management\/\" title=\"Turkey\u2019s Lira Sinks Again as Erdogan Cites Islamic Sharia Law to Defend Economic Management\">high interest rate<\/a> they are dealing with when it comes to their debt.<\/p>\n<p style=\"font-weight: 400\">Among chains hit hard by the economy, Tijuana Flats and Sticky\u2019s Finger Joint both filed for bankruptcy in the last 30 days; past month. Dom\u2019s Kitchen &#038; Market and Foxtrot Market, which have prepared-food sections, both closed in April.<\/p>\n<p style=\"font-weight: 400\">In mid-April, the National Gardening Association reported that with the rising costs of groceries, many Americans have taken to growing food at home. It reported that 43% of Americans are now growing food at their homes, up from 33% of Americans in 2019.<\/p>\n<p style=\"font-weight: 400\">\u201cAccording to the U.S. Department of Agriculture, at-home food prices increased by 11.4% in 2022. In 2023, it increased by another 5.8%,\u201d <a href=\"https:\/\/spectrumlocalnews.com\/nc\/charlotte\/news\/2024\/04\/18\/more-people-growing-food-at-home-as-grocery-costs-remain-high#:~:text=According%20to%20the%20U.S.%20Department,you%20see%20the%20financial%20benefits.\" target=\"_blank\" rel=\"noopener\">Spectrum News<\/a> noted.<\/p>\n<p><b><a href=\"https:\/\/onelink.to\/dwapp\" target=\"_blank\" rel=\"noopener noreferrer\" aria-describedby=\"sk-tooltip-9096\" data-saferedirecturl=\"https:\/\/www.google.com\/url?q=https:\/\/onelink.to\/dwapp&#038;source=gmail&#038;ust=1715771734791000&#038;usg=AOvVaw3RAccFxpm5CI2m5KR1E_Ul\">CLICK HERE TO GET THE DAILYWIRE+ APP<\/a><\/b><\/p>\n<p style=\"font-weight: 400\">In March, for the third consecutive month, the <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/bidenflation-number-of-americans-growing-food-at-home-soars\/\" title=\"Biden's Inflation Sparks Surge in Home Gardening Among Americans\">core consumer price increased<\/a>. It advanced 0.4% from February and 3.8% from the year before. Core inflation <a href=\"https:\/\/www.barrons.com\/livecoverage\/inflation-april-cpi-report-today-news\/card\/core-inflation-cools-to-3-6-from-3-8--8DpsdMJRAQMWglPmgF8s\" target=\"_blank\" rel=\"noopener\">grew<\/a> by 0.3% in April.<\/p>\n<p><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Red Lobster, the top U.S. seafood restaurant chain, faces bankruptcy following a pricey all-you-can-eat shrimp promotion. With 650 outlets nationwide, the Orlando-based company closed multiple stores, affecting Thai Union Group, a major stakeholder<\/p>\n","protected":false},"author":60,"featured_media":2245002,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"https:\/\/dw-wp-production.imgix.net\/2024\/05\/GettyImages-2152959056.jpg","fifu_image_alt":"","footnotes":""},"categories":[541],"tags":[],"class_list":["post-2245001","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-the-daily-wire"],"fifu_image_url":"https:\/\/dw-wp-production.imgix.net\/2024\/05\/GettyImages-2152959056.jpg","_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/2245001","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/60"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=2245001"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/2245001\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/2245002"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=2245001"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=2245001"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=2245001"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}