Red Lobster probes 'endless shrimp' losses after bankruptcy filing

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U.S.-based restaurant chain Red Lobster has filed for Chapter 11 bankruptcy protection in a Florida court after securing $100 million in financing commitments from its existing lenders, the company said on Sunday.

Red Lobster, which filed for Chapter 11 bankruptcy in Florida on Sunday night, is investigating the role its majority owner Thai Union played in the restaurant chain's "endless shrimp" promotion that caused US$11 million in losses, court documents showed.

"Thai Union exercised an outsized influence on the company's shrimp purchasing," Tibus wrote. "The Debtors are currently investigating the circumstances around these decisions."Red Lobster, with US$294 million in debt, plans to close some underperforming restaurants and sell the rest to a group of its lenders including Fortress Investment Group.

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Three people were killed and five others were injured Saturday night following a boat crash on the Buck Bay area of Bobs Lake, north of Kingston, Ont., the Ontario Provincial Police said.This wildfire season, changes are coming to better inform people about smoke hazards A Saskatchewan man who had a sexual encounter with a 15-year-old girl he met on Tinder successfully appealed to shorten release conditions barring him from online dating.The Sikh culture in Saskatoon is growing, and the massive turnout at the Nagar Kirtan parade on Sunday put the strength of their community on full display, as thousands walked up a span of Attridge Drive.

 

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