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CAPSIZED: Red Lobster Files Bankruptcy, Closes Locations, With More Than $1 Billion in Debt

AP Photo/James A. Finley, File

Red Lobster, one of the largest restaurant chains in the world, has filed for bankruptcy, citing somewhere between $1 and $10 billion in liabilities.

This is a sign of just how great the economy is doing, as the chain cited the pandemic and inflation as contributing factors to the bankruptcy.

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By the numbers: Red Lobster said its estimated liabilities were between $1 billion to $10 billion, per its bankruptcy filing.

Catch up quick: Even before the filing in Florida, Red Lobster had to close dozens of locations and lay off hundreds of employees.

  • The pandemic and inflation tied to rising food and labor costs compounded Red Lobster's challenges.

The big picture: Casual dining as a subsector fared poorly last year, beat out by fast food, fast casual and family dining.

But there's also more:

Wow.

Those are the only thing we'll truly miss.

Seems to be a common request.

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Red Lobster did lose their shirt over all-you-can-eat shrimp recently.

Hey, that's was the deal.

Sums it up.

$1 to $10 billion in debt.

Yeah, the economy can't just be 'paused'; this is what happens when you try.

Really is; several locations are closing, which means layoffs for the employees.

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Sure seems that way.

We're not doing better than 2016. Definitely not.

Also a common reaction: people noted a decline in quality of food and service, which can't help businesses in this economy.

And pour one out for Red Lobster.

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