Red Lobster probes "endless shrimp" losses after bankruptcy filing

- Red Lobster filed for Chapter 11 bankruptcy and is investigating $11 million in losses related to its "endless shrimp" promotion - Majority owner Thai Union is being investigated for mismanagement in relation to the shrimp promotion - Red Lobster plans to close underperforming restaurants and sell the rest to lenders including Fortress Investment Group - Red Lobster cited poor management decisions, high inflation, unsustainable rent costs, and increased competition as factors in its financial struggles

Summarized top reddit comments: - Red Lobster's bankruptcy filing is being investigated - Private Equity buyout and real estate leasing contributed to debt - Humorous comments about taking dates to Red Lobster - Hope that the biscuits will save the company - Commentary on the business model of buying high and selling low