History of Red Lobster in Timeline

Red Lobster is an American casual dining restaurant chain specializing in seafood. Headquartered in Orlando, Florida, Red Lobster operates over 700 restaurants across the US, Canada, and several other countries. Originally owned by Darden Restaurants, Red Lobster was acquired by Golden Gate Capital in 2014. Seafood supplier Thai Union subsequently acquired a 25% stake in 2016 and full ownership in 2020.

January 18, 1968: First Red Lobster Restaurant Opens

The first Red Lobster restaurant opened in Lakeland, Florida, founded by entrepreneurs Bill Darden and Charley Woodsby.

March 27, 1968: Red Lobster Inns of America, Inc. Incorporated

Red Lobster Inns of America, Inc., now known as GMRI, Inc., was officially incorporated in Florida.

1970: General Mills Acquires Red Lobster

General Mills acquired Red Lobster when it was a five-unit company. With new backing, the chain rapidly expanded in the 1980s.

1992: Cheddar Bay Biscuits Introduced

Red Lobster introduced its now-famous Cheddar Bay Biscuits, developed by culinary leader Kurt Hankins.

March 29, 1994: Bill Darden Passes Away

Red Lobster co-founder Bill Darden died after an extended illness at the age of 75.

1995: Red Lobster Becomes Part of Darden Restaurants

Red Lobster, along with Olive Garden and other sister chains, became part of Darden Restaurants, Inc. General Mills released Darden into an independent, publicly traded corporation.

September 1997: Red Lobster Exits Quebec Market

Red Lobster exited the Quebec market due to experiencing financial losses.

September 2003: Endless Snow Crab Leg Promotion Results in Financial Loss

Red Lobster's endless snow crab leg promotion resulted in a $3 million charge to third-quarter earnings for its parent company, Darden Restaurants, leading to the departure of president Edna Morris.

2007: Last Night at the Lobster published

Author Stewart O'Nan publishes his novella "Last Night at the Lobster" about the closing of a Red Lobster restaurant in Connecticut.

2009: New Bar Harbor Restaurant Prototype Debuts

Red Lobster debuted its new Bar Harbor restaurant prototype, inspired by coastal New England architecture with features like shingle and stone towers, signal flags, and Adirondack-style benches.

December 19, 2013: Darden Restaurants Announces Plans to Sell or Spin Off Red Lobster

Darden Restaurants announced plans to sell or spin off Red Lobster due to pressure from stock investors and over-budget spending on a new digital platform.

May 12, 2014: Darden Converts Co-Located Red Lobster and Olive Garden Locations

As part of the Red Lobster spinoff, Darden announced it would be converting co-located Red Lobster and Olive Garden locations into standalone Olive Garden locations.

May 16, 2014: Darden Announces Sale of Red Lobster

Darden announced the sale of the Red Lobster seafood restaurant chain to Golden Gate Capital for US$2.1 billion.

July 28, 2014: Golden Gate Capital Acquires Red Lobster

Golden Gate Capital purchased Red Lobster from Darden Restaurants for US$2.1 billion, becoming the new owner.

August 6, 2014: New Red Lobster Headquarters Announced

Red Lobster announced their new headquarters location would be in CNL Center City Commons in Orlando.

March 6, 2015: Red Lobster Opens Restaurant Support Center

Red Lobster officially opened its Restaurant Support Center in its new headquarters.

February 2016: Beyoncé's "Formation" boosts Red Lobster sales

Beyoncé released her single "Formation" and performed it during the Super Bowl 50 halftime show. The song included a reference to Red Lobster which led to the company reporting a 33% sales increase.

February 2016: Inside Edition reports on Red Lobster's lobster bisque

Inside Edition published a story reporting that Red Lobsters lobster bisque recipe included langostino, a less expensive type of lobster, alongside Maine lobster.

2016: Thai Union Acquires Stake in Red Lobster

Seafood supplier Thai Union acquired a 25 percent stake in Red Lobster for a reported $575 million.

June 23, 2020: Thai Union Acquires Red Lobster

Seafood supplier Thai Union purchased the remaining portion of Red Lobster from Golden Gate Capital, becoming the full owner.

2020: Red Lobster Introduces Daily Deals Menu

Red Lobster introduces a new Daily Deals menu, including Endless Shrimp Mondays and other deals.

2020: Thai Union Acquires Red Lobster

Seafood supplier Thai Union purchased the remaining portion of Red Lobster from Golden Gate Capital, becoming the full owner.

2023: Red Lobster's $20 Endless Shrimp Returns

Red Lobster reintroduced their $20 endless shrimp item as a permanent addition to the menu. The promotion resulted in an $11 million loss for major shareholder Thai Union, a canned seafood company based in Bangkok.

March 2024: Jonathan Tibus Hired as CEO

Jonathan Tibus, who previously served as CEO during the bankruptcy of Kona Grill and as chief restructuring officer of Krystal, was hired as the new CEO of Red Lobster. Red Lobster was deemed a "zombie brand", and officials explored various options to save the company, including restructuring, a fire sale, or bankruptcy.

April 16, 2024: Red Lobster Prepares for Bankruptcy Filing

Bloomberg reported that Red Lobster was preparing to file for Chapter 11 bankruptcy, citing financial pressures and an $11 million loss from its "endless shrimp" promotion. The company planned to exit underperforming leases, address long-term contracts, and manage rising labor costs. It aimed to operate normally during bankruptcy proceedings while discussing debt reduction plans with creditors.

May 13, 2024: Red Lobster Closes Restaurants

Red Lobster abruptly closed at least 99 restaurants across at least 27 states, including all Buffalo-area locations and most Orlando-area locations. TAGeX Brands conducted liquidation auctions for restaurant fixtures and supplies at the closed locations.

May 14, 2024: Red Lobster Prepares for Bankruptcy Filing

Red Lobster announced its intention to file for Chapter 11 bankruptcy protection before Memorial Day weekend, aiming to restructure agreements with landlords and creditors to reduce debt.

May 15, 2024: Red Lobster operates in 12 countries

As of this date, Red Lobster has 650 restaurants in 44 US states as well as China, Canada, Ecuador, Hong Kong, India, Japan, Malaysia, Mexico, the Philippines, Qatar, and the United Arab Emirates.