The closures come as the seafood restaurant chain reportedly is considering filing for bankruptcy protection.
Struggling Red Lobster is abruptly closing at least 48 of its restaurants around the country, according to a leading restaurant liquidator. considering filing for bankruptcy protection. The chain has tapped a restructuring expert as its chief executive, a possible indicator of an impending bankruptcy.Saturday: Wine sale fundraiser planned for shuttered Fremont gastropub
Red Lobster was a restaurant industry pioneer, but has declined in recent years due to a range of factors, including corporate mismanagement, say former leaders at the chain and restaurant analysts. In 2020, Thai Union, a longtime supplier to Red Lobster, took an undisclosed financial stake in the chain, becoming a key shareholder. Since then, Red Lobster has cycled through four CEOs and an all-you-can-eat shrimp deal last year that slowed down table service and cut into Thai Union’s profitability.
Thai Union said earlier this year it would divest from Red Lobster and take a $530 million loss on its investment.Miss Manners: Is their kind offer because they don't want to sit next to my kid?Harriette Cole: A 2-month visit? That mother-in-law is so out of line.Miss Manners: She tried to ruin my wedding, and I don't know what to say to her
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