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A shrimp on a fork.
Red Lobster's unlimited-shrimp promotion cost the company millions.

Hollis Johnson/Business Insider

  • Red Lobster filed for Chapter 11 bankruptcy after suffering significant financial losses.
  • CEO Jonathan Tibus questioned the company's purchasing processes, including from its owner Thai Union.
  • The $20 unlimited-shrimp promotion led to millions in losses and strained the supply chain, he said.

Red Lobster didn't go bankrupt just because of too much endless shrimp.

Tags
Retail, red-lobster, endless-shrimp, Bankruptcy, supply-chain, procurement
Source
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