The formally filed, a shame because it was decent food. But if this is accurate, some of the background is crazy. THEIR CEOs were awful allowing this.
demographics I would bet the avg age of a RL patron is 65+. The younger generations eat sushi not shrimp and lobster.
What PE did is common. For example, my old company was family owned and debt free. The PE purchased the company then had the company take out a loan against its assets so that the PE could be paid back.
Selling stores and leasing back at above market rates is ripe for mischief and kickbacks. Wouldn’t be surprised to see the BK judge dig a little deeper into that if true. See Mattress Firm for similar shenanigans Mattress Firm Considers Bankruptcy to Get Out of its Real Estate Scams | Wolf Street
I am 65 plus but don't do RL. If I want seafood I go for fresh not long time frozen stuff. Red Lobster is last on my list for any type food anyway. Last time I ate there was the one in Ocala and the shrimp looked and taste like it had been at the bottom of the freezer for a year. My high school girlfriend worked there our senior year and made some good money wearing a pretty blue sailor outfit looking dress that they wore back then.
The quality of food declined badly at the one I used to frequent, so I stopped going to it. They had bad overall management.
I sincerely apologize, y'all. I didn't think that eating 300 shrimp in 5 hours would cause Red Lobster to close. I was just very hungry.
