Where do lobsters go to borrow money? The prawn shop. Or in the case of Red Lobster, the “Stalking Horse”, in its recently filed Chapter 11 Bankruptcy. In 2003, Red Lobster lost millions of dollars on an all-you-can-eat “Endless Crab” promotion as a result of the unanticipated rising crab prices. Hindsight is 20/20, they say; however, 20 years later, Red Lobster repeated history with an “Ultimate Endless Shrimp” promotion, which has caused the chain to seek the protection of a Chapter 11 Bankruptcy. But have no fear; the Cheddar Bay biscuits will prevail due to the chain’s strategic use of… read more »
Posts Tagged ‘Chapter 11’
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