Red Lobster is rejecting the leases of an additional 23 locations as part of ongoing bankruptcy proceedings, joining over 100 closures earlier this summer.
The chain's substantial decline, from 650 to around 500 outlets, highlights the impact of mismanagement, intense competition, and inflation on its business model.
Under Thai Union's leadership, the cost-cutting measures and strategies, such as a permanent endless shrimp offer, were detrimental, resulting in an $11 million loss.
The company anticipates that additional closed locations are not essential for future operation and will continue to incite losses, leading to further lease rejections.
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