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United Kingdom Is Red Lobster going out of business? Here's what it means for local ...
Red Lobster considers bankruptcy
Could this be the end of the cheddar bay biscuits?
Fox - LA
Red Lobster, a popular seafood restaurant chain that first opened in Florida over 50 years ago, has reportedly been considering filing for Chapter 11 bankruptcy, according to a report from Bloomberg. This has spurred rumors of mass closures, though at this time, that seems unlikely.
Chapter 11 bankruptcy is often referred to as "reorganization bankruptcy" and typically allows a business to stay open while it reorganizes funds to pay off existing debt over time.
At the time of writing, Red Lobster has not officially filed for bankruptcy.
An employee at a Phoenix Red Lobster location told The Republic that the Bloomberg article was based on talks, but that nothing has yet been confirmed, and the chain has shared no immediate plans to close stores.
The Republic reached out to Red Lobster and King & Spalding, the law firm reportedly working with Red Lobster on the decision, but did not receive a response at the time of publication.
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Reach the reporter at endia.fontanez@gannett.com. Follow @EndiaFontanez on X, formerly Twitter.
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