Reported 5 months ago
Red Lobster has filed for Chapter 11 bankruptcy due to factors such as higher labor costs, rising rents, and failed strategic initiatives like their "Ultimate Endless Shrimp" deal. The seafood chain is working to shrink its footprint and find a buyer amidst a challenging macroeconomic environment and increased competition in the restaurant industry. The company's financial struggles, including losses and debts, have led to uncertainty about its future post-bankruptcy.
Source: YAHOO