Red Lobster files for bankruptcy

Products You May Like

A sign is posted on the exterior of a Red Lobster restaurant on April 17, 2024 in Rohnert Park, California. 
Justin Sullivan | Getty Images

Red Lobster has filed for bankruptcy, continuing the process to shrink its footprint and find a buyer, the company said in a statement.

CNBC reported last month the seafood chain was seeking a buyer, weighed down by significant debt and long-term leases. The company recently appointed a restructuring expert — Jonathan Tibus, a managing partner with advisory firm Alvarez & Marsal — as its CEO.

“This restructuring is the best path forward for Red Lobster,” Tibus said in a statement late Sunday. “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 focused on our employees and guests.”

This story is developing. Please check back for updates.

Products You May Like

Articles You May Like

Consumer spending, inflation, and housing are 3 things to watch in the market next week
The UAE is set to be the No. 1 ‘wealth magnet’ in the world, new report shows
Darden beats on earnings, even as Olive Garden, fine-dining sales drag
Trump tax breaks are set to expire after 2025. Here’s what advisors are telling their clients
Top 10 most expensive cities for expats in 2024

Leave a Reply

Your email address will not be published. Required fields are marked *