John Oliver recently criticized Red Lobster, a restaurant chain that filed for Chapter 11 bankruptcy. During an episode of his show “Last Week Tonight,” Oliver recreated a defunct Red Lobster restaurant using the purchased contents of a closed location in Kingston, New York.
Oliver blamed private equity firms for the chain’s financial struggles, particularly the promotion of Endless Shrimp which reportedly cost the company millions in losses. At his recreated Red Lobster in the studio, Oliver humorously offered customers just one item to purchase: biscuits. This was a playful nod at Red Lobster’s previous Endless Shrimp promotion that resulted in significant financial losses.
The troubles faced by Red Lobster in recent years include high leasing costs, decreased foot traffic due to COVID-19 lockdowns, and the departure of multiple executives from the company. Representatives for TAGex Brands and Red Lobster did not immediately respond to requests for comment.
Overall, John Oliver’s segment on Red Lobster shed light on the challenges faced by the restaurant chain and the role of private equity firms in its financial woes.
