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    Red Lobster offered customers all-you-can-eat shrimp. That was a mistake

    Red Lobster promised customers an endless supply of shrimp for $20 — a gamble the struggling restaurant chain hoped would help pull it out of its pandemic doldrums. But Americans, and their appetites, had other plans. The beloved yet beleaguered pillar of casual dining abruptly shuttered dozens of locations this week, heightening speculation that the chain is careening toward bankruptcy. ...
    by Marisa Gerber, Los Angeles Times May 15, 2024 4 minutes
    A sign is posted in front of a Red Lobster restaurant, announcing it's closure, on Tuesday, May 14, 2024, in Fremont, California.

    Red Lobster promised customers an endless supply of shrimp for $20 — a gamble the struggling restaurant chain hoped would help pull it out of its pandemic doldrums.

    But Americans, and their appetites, had other plans.

    The beloved yet beleaguered pillar of casual dining abruptly shuttered dozens of locations this week, heightening speculation that the chain is careening toward bankruptcy.

    Although its dire financial situation isn't the result of a single misstep, executives at the company that owns a large stake in the chain, as well as industry experts, said that miscalculations over the popularity of the all-you-can-eat shrimp special accelerated the company's downward spiral.

    The closures were announced in Monday by Neal Sherman, the chief executive of a liquidation firm called TAGeX Brands, which is auctioning off surplus restaurant equipment from the shuttered locations.

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