The Weekend Brief offers analysis and insights on one big news item of the week, delivered only to Quartz members.
Red Lobster, the seafood restaurant chain that dates back to the late 1960s, filed for bankruptcy protection earlier this week as the company struggled to keep its head above water.
The restaurant’s $20, all-you-can-eat shrimp menu item was the subject of the blame until the bankruptcy documents showed that a string of decisions by Red Lobster’s owner, Golden Gate Investments, had hurt the brand in a multitude of ways.
In addition to the food service industry’s struggle to recover to pre-pandemic foot traffic levels, the company’s inability to diversify also led to this week’s news.
The Weekend Brief will dive into the deals that hurt the restaurant chain’s success, the constant CEO turnover it had been going through and why it struggled to adapt to customers desires.
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