Reported 5 months ago
Red Lobster, a popular American casual dining chain known for its cheddar biscuits and bottomless shrimp specials, has filed for Chapter 11 bankruptcy protection. The company faced financial struggles due to managerial missteps, impact from a past sale to a private equity firm, and difficulties recovering from pandemic-related closures. Despite this, Red Lobster plans to keep many locations open during the bankruptcy process, highlighting its position as the largest casual dining seafood chain in the U.S. and Canada.
Source: YAHOO