Red Lobster files for Chapter 11 bankruptcy protection
Publishing timestamp: 2024-05-20 10:06:55
Summary
Red Lobster has filed for Chapter 11 bankruptcy protection due to financial and operational challenges, including a bloated restaurant footprint and failed strategic initiatives. The seafood chain is seeking a buyer and has a stalking horse bid from existing lenders. The company's business has struggled since the pandemic, with a significant drop in traffic and a net loss of $76 million in fiscal 2023.
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Source: https://www.cnbc.com/2024/05/20/red-lobster-bankruptcy.html