this post was submitted on 20 May 2024
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chapotraphouse

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lmao owned (www.cnn.com)
submitted 1 year ago by take_five_seconds@hexbear.net to c/chapotraphouse@hexbear.net
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[–] goose@hexbear.net 12 points 1 year ago* (last edited 1 year ago)

"What happened? It must have been the endless shrimp!"

Meanwhile

A private equity firm bought the chain ten years ago from Darden Restaurants, which owns rivals Olive Garden and LongHorn Steakhouse. The firm, Golden Gate Capital, funded the deal partly by selling Red Lobster's real estate.

That meant the chain had to start paying rent. That's now a major financial factor in Red Lobster's bankruptcy filing, which asks the court to reject 108 leases, letting the company abandon those locations.