Red Lobster Abruptly Closes Many Locations Red Lobster, the largest U.S. seafood restaurant chain, is expected to file for bankruptcy after offering customers an all-you-can-eat shrimp deal that ultimately cost the company millions of dollars.
Red Lobster currently boasts roughly 650 locations nationwide and has its headquarters in Orlando, Florida; it recently closed dozens of its outlets. Thai Union Group, Red Lobster’s majority owner, said they were through funding the chain.
“We’re going to exit. We are not going to inject any more money into Red Lobster,” Thai Union Chief Executive Thiraphong Chansiri said in February.
“The company aims to use the bankruptcy process to negotiate concessions from landlords and strike a deal with creditors to continue operating, moves that could trim hundreds of millions of dollars in debt,” Red Lobster said, according to The Wall Street Journal , which noted that the company’s sales dropped 8% from 2022 to 2023.The Journal […]
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