Red Lobster, the embattled casual dining seafood restaurant, filed for chapter 11 bankruptcy on Monday, placing 550 locations across the U.S. in dangerous waters.Earlier in May, the company abruptly announced the closure of 99 restaurants across 27 states, with much of the blame for the decision landing on poor management and costly shrimp deals.Newsweek has mapped the downfall of the brand, once a household name, in three charts.
Worse for Red Lobster, executives at its parent company noted that menus across many restaurants had not been updated to reflect rising inflation.Restaurant menu prices across the U.S. increased 4.1 percent year-on-year in April, according to an analysis by the National Restaurant Association. For full service establishments, the increase was slightly less at 3.4 percent.According to the U.S.