Red Lobster Chain Goes Bankrupt
Snippet of Article: "...signs of recovery since the pandemic, sales declined sharply in the last 12 months, Tibus wrote. It lost $76 million in the 2023 fiscal year. Inflationary pressures have kept customers from dining out and higher labor costs strained the company’s finances. ...In May 2023, the company changed its $20 “Ultimate Endless Shrimp” from a limited-time offer to a permanent promotion, costing it $11 million as diners devoured expensive plates of shrimp. Red Lobster traces its roots to a single restaurant in Lakeland, Florida in 1968. " Source: yahoo.com