Red Lobster Reportedly Considering Filing for Bankruptcy, Jokes Fly

Red Lobster is reportedly mulling over bankruptcy, and while this is far from the end for them as a business … some online are certainly treating it that way, with jokes galore.

According to Bloomberg, the famous seafood restaurant chain is considering its options to restructure some of its debt and other expenses it has on its plate right now — including leases they have under its name, not to mention rising labor costs.

Apparently, it’s Chapter 11 bankruptcy that’s on the table … which, if they pursue that, would mean they could still run their operation while sorting out their debts with creditors, etc.

Of course, them considering filing for bankruptcy doesn’t mean Red Lobster is going under … and yet, X is having a field day with the news regardless — with a lot of folks joking that they might need to run and grab some last-minute bites, like their famous delicious biscuits.

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Some are saying they’ll have to use their old gift cards before bankruptcy court kicks in — and others are making “hot water” cracks, not to mention ‘Office’ jokes (I DECLARE BANKRUPTCY.)

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.

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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.

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There’ve been other financial woes that have been reported about them — and now, it looks like the chickens lobsters have come home to roost … or so it seems.

First the 99 Cents Only stores … and now, potentially this. It’s (maybe) the end of an era.

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