Red Lobster files for bankruptcy, but restaurants will stay open
The largest seafood chain in the U.S. has been unable to regain its financial footing following the pandemic
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The seafood chain has struggled since the pandemic, closing 99 stores amid sluggish sales
Red Lobster has filed for voluntary Chapter 11 bankruptcy in Florida, the company confirmed in a statement late Sunday night — but it intends to keep its locations open.
The 56-year-old seafood chain, the largest of its kind in the U.S., said it would "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 it lost $76 million last year and had seen a 30% drop-off in guest count since 2019.
As part of its reorganization, Red Lobster has agreed to sell its business to a new entity wholly owned and controlled by its lenders, a so-called stalking horse arrangement. The company said it had received a $100 million financing commitment to fund ongoing operations.
https://www.nbcnews.com/news/amp/rcna152437
Chile the seafood boils done took 'ster out the game
Poor Jay
:stressed:
I blame fas
Nobody having good sex anymore?