What Bankrupted Red Lobster | Fortune Daily

Did $20 Endless Shrimp really sink Red Lobster—or was it just a punchline hiding a much bigger financial disaster? A new Fortune investigation reveals that the viral promotion was only the tip of the seafood tower. Behind the bankruptcy, mass restaurant closures, and devastated employee pensions lies a story of private-equity deals, skyrocketing lease obligations, and allegations of self-dealing by former owners. Fortune Business Editor Nick Lichtenberg joins Fortune Daily to break down how an iconic American dining staple lost its way, who really profited, and what this collapse signals for the broader restaurant industry. Plus, we look at Argentina’s new "golden passport" program designed to attract high-net-worth individuals and what it means for global wealth mobility. Read Nick’s full article: https://fortune.com/2026/10/01/red-lobster-endless-shrimp-bankruptcy-thai-union-private-equity-lawsuit/ Subscribe to Fortune: https://fortune.com/subscribe/ 00:00 Red Lobster 15:40 Argentina’s Golden Passports Additional images courtesy of Getty Images Illustration Credit: Micha Huigen for Fortune