Can Red Lobster be extinguished? Say it ain't so.
People on social media are panicking right now because they might have to find another place to enjoy cheddar biscuits and endless crab legs for graduation, Mother's Day, or the post-Easter service.
It has been detected TMZ via Bloombergiconic seafood restaurant chain Red Lobster is considering bankruptcy as the company tries to figure out how to restructure its debt and other expenses, including restaurant leases and rising labor costs, the celebrity gossip site reports.
Some even point to popular offerings like bottomless shrimp hurting the restaurant and the chain, which is hemorrhaging cash due to the pandemic.
Per TMZ:
There's also that element that some are resurfacing amid this news — namely, the fact that Red Lobster's recent bottomless shrimp reportedly hurt their bottom line badly… only to switch to bottomless lobster after reporting an operating loss of 12.5 million dollars in 4Q23.
Even before the $12M hit… Red Lobster was hemorrhaging cash, with reports saying they had lost $19M in the first 9 months of '23… attributed to the pandemic, among other issues. Some minority owners of the industry have also started to jump ship.
For those in the know about running a business and financial matters, the Chapter 11 bankruptcy filing doesn't spell the end for the restaurant that Beyoncé immediately blasted for singing, “When he fucks me up, I'm taking his ass to Red Lobster. “
Despite knowing it, the reactions to Red Lobster's possible bankruptcy filing are flowing like butter on lobster tails, and they're hilarious.
A user he wrote hilariously X, ex-Twitter, “they still have unlimited crab legs because if so, I'm going tomorrow.”
“Oh law, somebody save the cookies,” another person wrote in response to news of Red Lobster considering Chapter 11 bankruptcy.
“How did we let this happen???? Are you too bougie for Red Lobstas?!?' another post on X was read.
We don't think Red Lobster is going anywhere, but we're always here for funny reactions. You can see them in the gallery below.