Red Lobster has filed for bankruptcy as it continues 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. A sign is posted on the exterior of a Red Lobster restaurant on April 17, 2024 in Rohnert Park, California.Red Lobster has filed for bankruptcy, continuing the process to shrink its footprint and find a buyer, the company said in a statement., 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.in a statement late Sunday.
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