Red Lobster bankruptcy: What to know

Restaurant chain Red Lobster has filed for Chapter 11 bankruptcy due to high labor costs, rising rents, and the impact of its unlimited shrimp deal. In 2023, Red Lobster made their $20 endless shrimp deal permanent, which cost them $11 million and contributed to a $76 million loss for the fiscal year. Yahoo Finance Host Brad Smith explained the details on May 20, 2024. #finance #news #youtubeshorts #youtube #shorts #shortsvideo #investingforbeginners #investing #stockmarket #stocks #2024 #2024shorts #yahoofinance