Red Lobster Mulling Bankruptcy, X Users Are Panicking

Red Lobster possibly going out of business? Say it ain’t so. Folks on social media are panicking right now because they might have to find another spot to enjoy cheddar bay biscuits and endless crab legs for graduation day, Mother’s Day or after Easter service. Spotted on TMZ via Bloomberg, iconic seafood restaurant chain Red Lobster is mulling bankruptcy as the company tries to figure out how to restructure its debt and other expenses, including restaurant leases and rising labor costs, as the celebrity gossip site reports. Some even point to popular promotions like endless shrimp hurting the restaurant and the chain, which is bleeding cash due to the pandemic.

Per TMZ:

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There’s also this tidbit that some are resurfacing amid this news — namely, the fact that Red Lobster’s recent endless shrimp reportedly hurt their bottom line quite badly … only for them to pivot to endless lobster after reporting a $12.5 million operating loss in ’23’s 4th quarter.

Even before the $12 mil hit … Red Lobster was bleeding cash, with reports saying they’d suffered a $19 million loss through the first 9 months of ’23… attributed to the pandemic, among other issues. Some minority owners in the biz have also started to jump ship.

For those who know about running a business and financial issues, filing for Chapter 11 bankruptcy does not mean the end for the restaurant that Beyoncé at once had popping cause she sang, “When he fuck me good, I take his ass to Red Lobster.” Despite knowing that, the reactions to Red Lobster possibly filing for bankruptcy are flowing like butter you pour on your lobster tails, and they are hilarious. One user hilariously wrote on X, formerly Twitter, “they still got them unlimited crab legs cause if so I’ll go tomorrow.” “oh lawd somebody save the biscuits,” another person wrote in response to the news of Red Lobster considering chapter 11 bankruptcy. “How did we let this happen???? Y’all too bougie for Red Lobstas?!?,” another post on X read.  We don’t think Red Lobster is going anywhere, but we are always here for funny reactions. You can see those in the gallery below.

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https://twitter.com/Caissie/status/1780574989629976674

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