[7] Seafood supplier Thai Union acquired a 25 percent stake in the company in 2016 for a reported $575 million and in 2020 purchased the remaining portion from GGC.

[8] In May 2024, Red Lobster closed at least 99 of its restaurants[9] and then filed for Chapter 11 bankruptcy protection after securing over $100 million in financing commitments from its lenders.

It exited the Quebec market (14 locations including Vanier and Montreal) in September 1997, due to financial losses, and was entirely absent from the Maritime provinces, British Columbia and the Arctic territories.

The interior updates include dark wood paneling, warm-toned fabrics, soft lighting, and nautical decor and artwork.

[20] On December 19, 2013, Darden Restaurants announced plans to sell or spin off the Red Lobster brand, citing pressure from stock investors.

[25] As part of the sale, a sale/leaseback of the real estate for 500 restaurants was completed to American Realty Capital Partners for $1.5 billion[26] to finance the purchase.

[29] Seafood supplier Thai Union acquired a 25 percent stake in the company in 2016 for a reported $575 million, and in 2020 purchased the remaining portion from GGC.

Officials deemed Red Lobster as a "zombie brand" and said that they were exploring options to save the company, including a restructuring turnaround, fire sale, or a possible bankruptcy filing.

[30] On April 16, 2024, Bloomberg reported that Red Lobster was preparing to file for Chapter 11 bankruptcy, highlighting leases and labor costs among the issues.

[33] On May 14, 2024, Red Lobster announced that it was preparing to file for Chapter 11 bankruptcy protection before Memorial Day weekend, planning to restructure agreements with its landlords and creditors in efforts to shed some of its debt.

[39] That same day, Red Lobster Canada announced that it would ask the Ontario court to recognize its stalking horse bid and approve a sales process as soon as next week.

This procedure would allow the company to preserve their operations in Canada, as the bid would allow for lenders avoid the risk of assets being sold for a lower price.

[47] In June 2023, Red Lobster reintroduced Ultimate Endless Shrimp, normally run as a limited-time promotion during autumn, as a permanent addition to their menu.

[49][50] This resulted in a $11 million loss for Red Lobster in its third quarter earnings for that year, as the company underestimated the amount of customers taking advantage of a deal that had low profit margins.

After unexpectedly releasing the single and performing it during the Super Bowl 50 halftime show, Red Lobster reported a 33% sales increase.