Red Lobster to File for Bankruptcy: US Sea Food Chain Preparing to File for Chapter 11 Bankruptcy After Closure of Dozens of Restaurants, Say Reports
US sea food chain Red Lobster is anticipated to file for chapter 11 bankruptcy post closure of dozens of its restaurants.
After recently announcing the closure of over 12 restaurants across multiple locations in the United States, Red Lobster is anticipated to file for bankruptcy as early as next week, according to a report. A $20 "endless prawn" offer that proved surprisingly popular with customers and apparently cost the struggling seafood restaurant company millions of dollars last year caused major financial harm to the business. Around 20 states, including Colorado, California, Maryland, Texas, and Florida, where the chain's headquarters are located, are anticipated to see restaurant closures. According to reports, the food chain is preparing to file for Chapter 11 bankruptcy in Orlando, Florida, on May 27, Memorial Day. Subway, US-Based Iconic Global Sandwich Chain, Heading for Sale With Valuation Over $10 Billion?
Red Lobster to File for Bankruptcy
🚨#BREAKING: Red Lobster, the largest U.S. seafood restaurant chain known for its seafood and famous cheesy biscuits are getting ready to file for chapter 11 bankruptcy as early as next week after suddenly closing dozens of restaurants. pic.twitter.com/vgl260108j
— R A W S A L E R T S (@rawsalerts) May 15, 2024
Red Lobster filing for bankruptcy as early as next week after suddenly closing dozens of restaurants, sources say - WSJ pic.twitter.com/4Tzcjg4SUg
— BNO News (@BNONews) May 14, 2024
(The above story first appeared on LatestLY on May 15, 2024 08:11 AM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).
