Reported 5 months ago
Red Lobster abruptly closed dozens of restaurants across the US and filed for Chapter 11 bankruptcy in Florida. As of Wednesday, the company's website lists 99 closed locations in 28 states, surpassing the previously reported number. The closures were attributed to various challenges faced by the company, leading to decreased guests and increased competition. The bankruptcy document outlined these difficulties and reasons for supporting the decision. Thai Union Group is the current major shareholder of Red Lobster, having acquired it in 2020.
Source: YAHOO