Red Lobster is officially in Chapter 11 bankruptcy -- a move that comes days after they shut down dozens of their restaurants amid financial distress, but it's one that will keep its remaining branches afloat ... for now.
Red Lobster is officially in Chapter 11 bankruptcy -- a move that comes days after they shut down dozens of their restaurants amid financial distress, but it's one that will keep its remaining branches afloat ... for now.
The nation's biggest seafood chain confirmed the news Sunday night, meaning it's succumbed to burdensome leases, high labor costs, and, of course, its iconic all-you-can-eat shrimp deal -- which, in hindsight, seems a bit too generous!RL revealed in court filings it has more than 100,000 creditors with estimated assets and liabilities both ranging between $1 billion to $10 billion.The filing allows Red Lobster to keep operating while it hammers out a plan to repay its creditors ...
Red Lobster's also listed the entire contents of their closed restaurants on RestaurantEquipment.bid to bring in some extra dough -- billing it as"the largest restaurant equipment auction ever.". Just 2 years later, it went from humble beginnings to seafood stardom when it was snapped up by General Mills.
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