Red Lobster Files For Bankruptcy
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Red Lobster files for bankruptcy
Red Lobster filed for Chapter 11 bankruptcy on Sunday, announcing it will close a significant number of its restaurants and sell equipment in an attempt to raise funds. The announcement comes a wee
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Red Lobster files for bankruptcy
The restructuring includes the closure of dozens of locations as the seafood chain looks to cut costs.
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Red Lobster files for bankruptcy
Red Lobster, which brought affordable shrimp and lobster to middle-class America and grew to become the largest seafood restaurant chain in the world, has filed for bankruptcy. The company said it had more than $1 billion in debt and less than $30 million in cash on hand. It plans to sell its business to its lenders, and in turn, it will receive financing to stay afloat. It expects to continue to close restaurants in the meantime. Red Lobster, known for its cheddar bay biscuits, crab legs and...