Seafood restaurant chain Red Lobster is mulling a Chapter 11 bankruptcy filing as it looks to restructure its debt, according to people with knowledge of the matter.
Red Lobster has been getting advice from law firm King & Spalding, said the people, who asked not to be identified discussing a private matter. The dining chain is considering a possible Chapter 11 filing to shed some long-term contracts and renegotiate a swath of leases, the people said. Red Lobster’s cash flows have been weighed down by onerous leases and labor costs, among other issues. Restructuring discussions are ongoing and a final decision hasn’t been made, they said.
The company introduced its popular cheese-flavored biscuits in 1992, and Red Lobster now boasts hundreds of locations across the U.S. and Canada, along with international franchises. The restaurant chain has gone through multiple owners and management changes in recent years.
Österreich Neuesten Nachrichten, Österreich Schlagzeilen
Similar News:Sie können auch ähnliche Nachrichten wie diese lesen, die wir aus anderen Nachrichtenquellen gesammelt haben.
Red Lobster Reportedly Heading to BankruptcyThe national seafood chain is said to be eyeing Chapter 11 bankruptcy in the coming days.
Weiterlesen »
Red Lobster considers bankruptcy to deal with leases and labor costsSeafood restaurant chain Red Lobster is mulling a Chapter 11 bankruptcy filing as it looks to restructure its debt, according to people with knowledge of the matter.
Weiterlesen »
How Do Grades Help Us? A Teacher Weighs In.Plus: Red Lobster, hair tantrums, and low-budget birthdays.
Weiterlesen »
Red Lobster Is Reportedly Close to Filing for BankruptcyYour ultimate source for expert nutrition tips and health advice, covering wellness, healthy recipes, cooking hacks, food news, style trends and shopping.
Weiterlesen »
Red Lobster reportedly considering filing for bankruptcyRed Lobster is reportedly considering filing for bankruptcy to relieve financial pressures that have weighed on the company.
Weiterlesen »
Report: Red Lobster preparing to file for bankruptcyThe company's financial struggles were magnified by economic hardships that have impacted a majority of American businesses since the beginning of the pandemic.
Weiterlesen »