Red Lobster Files For Bankruptcy
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Red Lobster Files For Bankruptcy After Abruptly Closing Dozens Of Restaurants
Red Lobster has filed for bankruptcy just days after closing dozens of its restaurants. In its bankruptcy petition filed on Sunday, May 19, the company listed assets of $1 billion and liabilities of $10 billion. The filing stated that the company "intends to use the proceedings to drive operational improvements, simplify the business through a reduction in locations, and pursue a sale of substantially all of its assets as a going concern." The company said restaurants not listed as...
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Red Lobster Files For Bankruptcy Days After Shuttering Dozens Of Restaurants
Despite shutting down dozens of locations in the past week, the seafood chain stresses that its remaining restaurants will stay open during the process.
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Red Lobster files Chapter 11 bankruptcy after shuttering locations
Red Lobster filed for Chapter 11 bankruptcy late Sunday. The seafood eatery recently closed dozens of operations.