'Bankrupt - Red Lobster' by Bright Sun Films, a tale of the Retail Apocalypse

Happy Sunday! I know I promised the usual entertainment feature and teased the Daytime Emmy Awards winners, but after looking over the awardees, I'm just not feeling it or any other show business news. Instead, I'm revisiting Company Man asks 'The Decline of Red Lobster...What Happened?' A tale of the Retail Apocalypse with Bright Sun Films' Bankrupt - Red Lobster. After all, isn't dining out a form of entertainment?

Since the late 1960's, Red Lobster has grown to become an American seafood institution with over 650 restaurants and tens of thousands of employees. It's also one of the most successful casual restaurant chains to ever exist. So it was pretty surprising to many when they filed for Chapter 11 Bankruptcy in early 2024. However while many in the media reported on the famous Endless Shrimp as the culprit, the truth as to how this company fell so quickly is a bit more complicated. Join me today as we find out how this iconic chain ultimately declared bankruptcy.

I feel like no bankrupt company's story is fully told until both Company Man Mike and Jake Williams of Bright Sun Films have weighed in. Thanks to Jake's reporting, I have revised my opinion that private equity may not have been critical in Red Lobster's failure. Golden Gate Capital's decision to sell the properties the stores sat on and then lease them really did mess up the chain's cash flow. This was on top of the debt from the leveraged buyout. The only good news is that the bankruptcy didn't happen on their watch. Instead, Thai Union was left holding the bag, but not for long. As I wrote last month, "They're done with Red Lobster." Here's to hoping the new owners, whoever they are, have better luck.

That's a wrap for today's tale of the Retail Apocalypse, although I may return to restaurants to showcase Company Man Mike's video explaining why Red Lobster's former sister restaurant, Olive Garden, is still a success. Stay tuned.