Posted on 04/18/2024 4:45:20 AM PDT by V_TWIN
ORLANDO, Fla. (WKRC) — Seafood chain Red Lobster is reportedly preparing to file for bankruptcy.
According to Restaurant Business Online, citing a report from Bloomberg, the company is considering filing for Chapter 11 bankruptcy protection to restructure its debt.
The outlet attributed those losses to less Americans choosing to eat out at restaurants and an increase in food and labor costs. Red Lobster closed 16 locations, per the outlet.
Last summer, Red Lobster launched a $20 all-you-can-eat shrimp deal which, although popular with customers, ended up costing the company over $11 million in one quarter.
Per the outlet, citing the Bloomberg report, the restructuring talks are ongoing. No official decision has been made.
(Excerpt) Read more at local12.com ...
Olive Garden and Red Lobster used to be owned by the same people. They sold off Red Lobster a couple years ago.
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