Red Lobster seeks a buyer as it looks to avoid bankruptcy filing
Publishing timestamp: 2024-04-25 07:00:01
Summary
Red Lobster is seeking a buyer to avoid bankruptcy due to sluggish sales and costly leases. The chain has had multiple owners over the last decade and is facing financial woes, including debt and long-term leases. The pandemic has worsened the situation for Red Lobster, which has struggled with leadership changes and self-inflicted wounds like a failed promotion. The company is now looking for a buyer or considering bankruptcy to restructure its debt.
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