Red Lobster's owner has said the pandemic and rising costs hurt the seafood chain's financial performance.
Red Lobster, a nationwide restaurant chain known for its affordable seafood and cheddar bay biscuits, said late Sunday that it has filed for Chapter 11 bankruptcy protection.In a statement, Red Lobster said it plans to sell 'substantially all' of its assets. The company added that its roughly 650 restaurants will remain open and operating during the bankruptcy process.'This restructuring is the best path forward for Red Lobster,' CEO Jonathan Tibus said in a statement.
The support we've received from our lenders and vendors will help ensure that we can complete the sale process quickly and efficiently while remaining focused on our employees and guests.'Red Lobster's roots date back to 1968, when the first restaurant opened in Lakeland, Florida, as a family-owned establishment under local restaurateur Bill Darden. The restaurant eventually expanded nationwide, allowing Americans from all corners of the U.S.
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