Popular seafood restaurant chain Red Lobster filed for chapter 11 bankruptcy late Sunday, less than a week after closing several locations across the country.
The company filed for bankruptcy protection in the U.S. Bankruptcy Court for the Middle District of Florida over the weekend, and the business says it will use the process to improve operations, reduce locations, and pursue a sale of all assets. The restaurant chain will remain “open and operating as usual” as it goes through bankruptcy proceedings, according to the company.
“This restructuring is the best path forward for Red Lobster. It allows us to address several financial and operational challenges and emerge stronger and re-focused on our growth. The support we’ve received from our lenders and vendors will help ensure that we can complete the sale process quickly and efficiently while remaining
Read more…
