Red Lobster locations will not be closing down despite the chain filing for Chapter 11 bankruptcy, the company announced in statement published to social media.
Red Lobster sought to reassure customers that it will not be going out of business despite filing for Chapter 11 bankruptcy. The company issued a statement on Tuesday acknowledging its current financial hardships and stressing that a legal restructuring will allow it to strengthen its surviving restaurant locations. "Bankruptcy is a word that is often misunderstood," Red Lobster's communications team said in the statement posted to social media.
Red Lobster filed for Chapter 11 bankruptcy protection in a Florida court late Sunday night, saying it will use "the proceedings to drive operational improvements." RED LOBSTER'S ULTIMATE ENDLESS SHRIMP DEAL CONTRIBUTED TO 3RD-QUARTER OPERATING LOSS The chain said it received a $100 million financing commitment from its existing lenders and will continue to operate its remaining restaurants during the bankruptcy process. "Together, we have a lot worth rooting for.
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