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Red Lobster's Ultimate Endless Shrimp promotion described as a 'car crash for the company, lawsuit says
Restaurant chain Red Lobster's "Everyday $20 Ultimate Endless Shrimp" offering was described as a "car crash" as creditors of the chain sued former controlling shareholder Thai Union.
In a suit filed in Orange County, Fla., in May, the creditors said that Thai Union â a seafood producer with shares traded on Thailand's stock exchange â knew in 2023 that the chain was facing significant financial headwinds and risked insolvency. The suit, filed by a trust on behalf of the Red Lobster creditors, requests a jury trial to determine damages.
Instead of considering the interests of the restaurant chain, "Thai Union doubled down on a campaign to squeeze out every drop of value that it could through uneconomic contracts that benefited Thai Union and made no economic sense for Red Lobster."
Red Lobster's disastrous 'Endless Shrimp' deal was owner's scheme to squeeze profits: lawsuit
The $20 “Endless Shrimp” deal that ultimately sent Red Lobster into bankruptcy wasn’t just a failed experiment – but a scheme by its owners to squeeze the company, according to a new lawsuit.
Leading up to its 2024 bankruptcy filing, Thai Union – a major seafood producer and then-owner of Red Lobster – was trying to “squeeze out every drop of value” from the iconic restaurant chain, according to a suit filed last month in the Ninth Judicial Circuit Court in Florida.
“Thai Union treated the Company as little more than a distribution arm for its own products, milking whatever value it could from Red Lobster, especially as the Company became insolvent,” the suit said.
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