Red Lobster has filed for Chapter 11 bankruptcy and has closed several restaurants after a failed attempt to boost traffic with an all-you-can-eat shrimp deal.
Red Lobster has closed another round of restaurants after filing for Chapter 11 bankruptcy earlier this year.In the wake of the COVID-19 pandemic, Red Lobster looked to boost traffic to its restaurants by offering a $20 all-you-can-eat shrimp deal that the company hoped would serve as a loss-leader and bring in more customers who would become regulars.However, the deal itself proved too good for customers to pass up.
"You can very easily go beyond that when you're attracting consumers who are just looking to have that one item or engage with that one offering and not kind of branching out across the menu." The 56-year-old chain filed for bankruptcy in May, days after shuttering dozens of restaurants."This restructuring is the best path forward for Red Lobster.
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