Creditors of Red Lobster sue Thai Union, alleging it knowingly exploited the chain's financial struggles in 2023 through overpriced shrimp contracts and a disastrous 'Everyday $20 Ultimate Endless Shrimp' promotion, leading to bankruptcy in 2024.
Red Lobster creditors have sued Thai Union, the former majority shareholder, alleging the company "milked" Red Lobster for value through nonsensical contracts and a "disastrous" permanent "Ultimate Endless Shrimp" deal that led to the chain's bankruptcy.
Red Lobster creditors are suing former controlling shareholder Thai Union, alleging the seafood producer knowingly pushed uneconomic contracts and an "Everyday $20 Ultimate Endless Shrimp" promotion that contributed to Red Lobster's 2024 bankruptcy filing, despite financial distress.
