It wasn’t just the endless shrimp — Red Lobster’s corporate owners drove it into bankruptcy

On the surface, the story of Red Lobster’s bankruptcy is about one of the seven deadly sins: gluttony.

The most eye-catching manifestation of that sin, as my colleague Marisa Gerber reported, was the chain’s experience with its $20 all-you-can eat shrimp promotion, which attracted families that parked themselves in the restaurants for hours at a time, consuming mass quantities. ---More...

People Are Learning Red Lobster Didn’t Go Bankrupt Because Of Endless Shrimp, They Were Attacked By Wall Street For Their Land

Here’s the full story

“The only reason Red Lobster's going into bankruptcy is because a hedge fund wanted them to go into bankruptcy.”

“The media will never stop covering for hedge funds while making it seem like every problem is the fault of the American people.

Like, I'd be willing to bet you think Red Lobster went into bankruptcy because of endless shrimp. You know, the endless shrimp promotion they had. Because that's what the media's told you. They've been telling you repeatedly that the reason Red Lobster went into bankruptcy was that they had the endless shrimp combo and the greedy American people just took advantage of it.

That's not what happened.

No, what happened was a hedge fund bought Red Lobster and as a condition of the sale, they made therm split up their land and their restaurants.

Because up until that point, Red Lobster actually owned all of the land that their restaurants were located on.

And then once they made them split that up, the hedge funds made the leases on that land so expensive that the Red Lobsters couldn't possibly continue to operate.