Red Lobster

Bill Darden and Charley Woodsby opened the first Red Lobster on March 1, 1968, along U.S. Highway 98 in Lakeland, Florida. Darden wanted to make seafood accessible to everyday Americans, moving it away from being a special-occasion luxury. The concept took off, and by 1970, General Mills bought a controlling stake, eventually spinning off Darden Restaurants in 1995. Red Lobster operated under Darden Restaurants until 2014, when it was sold to private equity firm Golden Gate Capital for $2.1 billion. Thai Union Group, a global seafood supplier, bought a 25% stake in 2016 for $575 million, then acquired the remaining shares from Golden Gate in 2020, taking full ownership.

The chain grew to over 700 locations worldwide at its peak. Its menu centers on lobster, crab, shrimp, and fish, with the famous Cheddar Bay Biscuits introduced in 1992. The "Endless Shrimp" promotion, a $20–$25 all-you-can-eat deal, became a huge customer draw but also a financial headache. In 2023, Red Lobster made it a permanent menu item, leading to massive losses as shrimp costs outpaced the price. That decision, along with rising competition and operational issues, pushed the company into Chapter 11 bankruptcy in May 2024. About 100 locations closed abruptly, leaving employees without notice.

In September 2024, Red Lobster emerged from bankruptcy under new ownership led by Fortress Investment Group, with lenders swapping debt for equity. Damola Adamolekun, former CEO of P.F. Chang's, took the helm. The new team removed Endless Shrimp from the permanent menu, returning it to a limited-time offer, and is focusing on menu simplification, operational efficiency, and rebuilding customer trust. As of early 2025, about 545 restaurants remain open across 44 U.S. states, Canada, Japan, Mexico, and Thailand.[edit]