Red Lobster Reportedly Considering Bankruptcy After Millions in Losses in 2023

Published on April 18, 2024

Red Lobster is reportedly considering filing for Chapter 11 bankruptcy. A Bloomberg report on April 17 said that people with knowledge of the matter said the company is mulling the decision as it searches for ways to deal with debt. The seafood restaurant chain has allegedly been getting advice from law firm King & Spalding, according to the article. A Chapter 11 bankruptcy does not mean the chain would close down. According to Investopedia, it allows a business to “restructure its obligations.” The Epoch Times reached out to Red Lobster but did not hear back by publication time. However, the news comes after the company’s strategic partner, Thai Union Group PCL, announced it was looking to get out of its investment in Red Lobster....

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