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Red Lobster files for Chapter 11 bankruptcy
Axios reporter Richard Collings joins LiveNOW's Andrew Craft to dissect Red Lobster's decision to file for Chapter 11 bankruptcy.
LOS ANGELES - Amid news of Red Lobster’s potential demise following its bankruptcy filing, rap legend Flavor Flav stepped up to support the beloved seafood chain.
On Monday, June 3, the 65-year-old music icon shared on social media that he had visited a Red Lobster location and decided to order everything off the menu in an effort to save the famous cheddar biscuits.
"Ya boy said he wuz gonna do everything to help Red Lobster and save the Cheddar Bay Biscuits," Flav wrote.
"Ordered the whole menu!" he added.
Flav’s generous gesture comes weeks after the popular dining chain filed for Chapter 11 bankruptcy, leaving many loyal customers worried about its future.
Despite the filing, Red Lobster, which has been around for 56 years, recently reassured its fans that it’s not going anywhere.
"Bankruptcy is a word that is often misunderstood. Filing for bankruptcy does not mean we are going out of business. In fact, it means just the opposite," read a message posted on Facebook and X, formerly Twitter.
The company explained that the legal process allows them to make necessary cost changes, which included the "tough decision" to close some restaurants. However, Red Lobster remains committed to being part of cherished family moments.
Rap legend Flavor Flav shows his support for Red Lobster by ordering the entire menu, aiming to help the beloved seafood chain amid its financial struggles.
READ MORE: Red Lobster has message for fans after bankruptcy filing
"We’ve been there for your celebrations, big and small. We may be the place where you first discovered your love of seafood or where you met the love of your life on a first date," the letter reads. "Red Lobster is determined to be there for these moments for generations to come."
Red Lobster bankruptcy
Red Lobster filed for bankruptcy on May 20, 2024, after closing dozens of U.S. restaurants, including at least five locations in California and Florida, and four in Maryland and Colorado.
The chain, known for popularizing seafood with inventions like popcorn shrimp and "endless" seafood deals, struggled in recent years due to rising costs, increased competition, and changing customer tastes.
Last fall, Red Lobster lost millions on its "Ultimate Endless Shrimp" promotion, which charged $20 for an all-you-can-eat shrimp deal.
Founded in 1968 in Lakeland, Florida, Red Lobster quickly expanded and now boasts over 700 locations worldwide.
Despite the bankruptcy, Red Lobster says around 600 restaurants will continue to operate, though some have been closed.