I would wager that the primary reason they are “sinking into bankruptcy” is because they are being loaded up with debt by the private equity firm that bought them.
From 2014, Golden Gate Capital:
https://www.nrn.com/mergers-acquistions/darden-sell-red-lobster-21b
From 2020: Thai Union then bought a 25% stake; I’m guessing they’re the bag-holder:
