The rise and fall of Red Lobster, whose bottomless shrimp may be leading to bankruptcy

Erin McDowellMay 29, 2024, 01:14 IST

A Red Lobster restaurant in Times Square in New York.Richard Levine/Corbis via Getty Images

Red Lobster is reportedly considering filing for bankruptcy.
The seafood chain's troubles include failed all-you-can-eat snow crab and shrimp promotions.

Red Lobster may finally be considering filing for bankruptcy after years of financial and executive-level turmoil.

The seafood chain, which has been operating for about 56 years, has weathered its fair share of storms, from a bungled snow-crab promotion that tanked the company's stocks to the recent fallout from its daily all-you-can-eat-shrimp promotion.

However, Red Lobster wasn't always on the hook. As a pioneer in the chain-restaurant industry, Red Lobster became famous for its casual dining atmosphere and fan-favorite dishes like its Cheddar Bay Biscuits and fried shrimp.

Here's the rise and fall of Red Lobster through the years. Red Lobster did not respond to a request for comment for this story.

1968: The first Red Lobster opened in Lakeland, Florida.

A Red Lobster restaurant pictured in 1989.Glen Martin/The Denver Post/Getty Images

1970: General Mills acquired Red Lobster and the business expanded across the country.

The outside of a Red Lobster restaurant.ehrlif/Shutterstock

1980-1995: Red Lobster introduced iconic menu items like the Cheddar Bay Biscuits and held its first Lobsterfest.

Red Lobster Cheddar Bay Biscuits.Hollis Johnson/Business Insider

2000-2003: Red Lobster continued to grow steadily through the early 2000s.

A Red Lobster waitress delivers food to a table in the early 2000s.Frederick M. Brown/Online USA/Getty Images

2003: Red Lobster introduced its infamous Endless Snow Crab promotion.

Snow crab legs.Getty Images

2004: The chain tried again with Endless Shrimp.

A plate of endless shrimp from Red Lobster.Hollis Johnson/Business Insider

2008: The economic downturn impacted fast-casual restaurants, and Red Lobster floundered.

A store displays sale signs amid the 2008 economic downturn.Joe Raedle/Getty Images

2014: Darden Restaurants sold the brand.

The exterior of a Red Lobster restaurant.Jeff Greenberg/Getty Images

2016: Thai Union Group, one of the chain's biggest shrimp suppliers, took over a minority stake in the brand.

A Red Lobster dining table with menus on it.Hollis Johnson/Business Insider

2020: Red Lobster leaned into to-go service amid the coronavirus pandemic.

A Red Lobster sign advertises curbside pickup.Terri Peters

2021-2022: Under new management, there was a period of unrest at Red Lobster, with multiple new executives leaving their roles.

A Red Lobster restaurant in Rohnert Park, California.Justin Sullivan via Getty Images

2023: Red Lobster expanded its Endless Shrimp to become a daily promotion, but it was a disaster.

Red Lobster shrimp.Hollis Johnson/Business Insider

January 2024: Thai Union announced its plans to exit Red Lobster amid significant financial headwinds.

Thiraphong Chansiri, the CEO of Thai Union Group.Thomson Reuters

April 2024: Reports emerged that Red Lobster is considering filing for bankruptcy.