Red Lobster is considering a Chapter 11 bankruptcy filing, according to a new report, after the business previously reported a $12.5 million operating loss in the fourth quarter of 2023
Kimberlee Speakman is a digital writer at PEOPLE. She has been working at PEOPLE since 2022. Her work has previously appeared in Forbes and she has also worked in broadcast television as a reporter for Hawaii-based news station KHON2 News.
There have also been some recent internal changes at the company as Red Lobster named Jonathan Tibus as its new CEO last month, according to a report byA waitress carries a tray a lobster kettle and a crab trio dish at a Red Lobster restaurant in Yonkers, New York, U.S., on Thursday, July 24, 2014.In the past several months, Red Lobster has tried to drum up some publicity.
Bill Darden first opened the restaurant in 1968 in Lakeland, Fla. and the Darden Restaurants helped grow the chain to several locations in the U.S. before Golden Gate Capital took over the company in 2014, according to itsRed Lobster has been known for its endless shrimp deal. The company made it a permanent menu option in June, and increased the price from $20 to $25 as a result of losses.
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Red Lobster reportedly considering filing for bankruptcyRed Lobster is reportedly considering filing for bankruptcy to relieve financial pressures that have weighed on the company.
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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.
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