Indeed, I think very soon McDonald's may roll out a back to basics menu eliminating most of their specialty sandwiches and emphasizing more the Big Mac and Quarter Pounder at lower prices to draw in customers. After all, In-N-Out have done VERY well with their simple menu selections (few people use their famous "secret menu").
The bankers will probably close the unprofitable stores, cut costs wherever they can, and run the stores for the cash for as long as they can. Red Lobster is about to become much smaller.
The problem with Red Lobster is the problem with other gigantic restaurant chains like Chili’s.
Their cooking is microwave oven based. Most dishes are prepared and frozen at distribution centers, trucked in, and microwaved before serving.
That’s why a lot of it doesn’t even taste like real food.
For mid-price dining, you have a better chance of getting something prepared from scratch in the kitchen if you eat at a non-chain local coffee shop, one that still employs experienced short order cooks. (Although where I live, plenty of local restaurants have discovered giant bags of cheap frozen shortcuts from Costco.)