It has been a tough recovery for many businesses, and some have never really recovered. Business owners have been struggling with inflation, rising wages and shrinking margins for years and many still haven’t figured it out. Back in July we reported that one beloved chain restaurant was in serious trouble due to an ill fated promo that almost collapsed the entire chain which ultimately filed for chapter 11 this year in Orlando.
Red Lobster was at one time a single, family-owned restaurant in Lakeland, Florida with lines that went on and on for a table. The history is a good one, and we found some highlights to share. In 1970 General Mills backed rapid growth of Red Lobster and in 1974 they made popcorn shrimp, in 1992 cheddar bay biscuits and in 2008 they brought in wood fired grills, remodeled all the locations in 2010 and in 2021 were recognized by Forbes for being one of the best large employers. Then things started taking a turn when Golden Gate Capital sold to Thai Union. Thai Union is a seafood supplier and the folks that announced the endless shrimp promo which is widely viewed for the bankrupcy according to Nation’s Restaurant News.