Red Lobster Shareholders Sue Over Alleged Mismanagement of Endless Shrimp Promotion
Shareholders are suing Red Lobster and its former majority owner, Thai Union Group, alleging that the 'Ultimate Endless Shrimp' promotion was a costly strategy to benefit the seafood producer. The promotion reportedly led to an $11 million loss in one quarter before Red Lobster filed for Chapter 11 bankruptcy.
Topics: bankruptcy lawsuit restaurant_chain shareholder_dispute