REPORT: Red Lobster Considering Filing For Chapter 11 Bankruptcy
Bloomberg reports that Red Lobster is considering filing for Chapter 11 bankruptcy. According to the outlet, sources close to the situation say that the seafood restaurant chain is looking to restructure its debt.
Red Lobster’s financial troubles have been well documented — most recently with the “successful” Endless Shrimp promotion, which resulted in the chain losing millions of dollars. In November Red Lobster posted an operating loss of more than $11 million in Q3, calling the Endless Shrimp offering a “key factor” in the loss...
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