RAMROD 117,004 Posted April 17, 2024 Share Posted April 17, 2024 Struggling seafood chain Red Lobster is considering filing for Chapter 11 bankruptcy protection to restructure its debt, according to a report Tuesday from Bloomberg, citing people familiar with the matter. The chain last month installed Jonathan Tibus, a managing director with restructuring firm Alvarez & Marsal, as its new CEO, viewed as a step toward preparing the brand for sale by owner Thai Union Group. He’s the company’s third CEO in the past two years. Orlando-based Red Lobster is now said to be in talks with law firm King & Spalding to divest itself from long-term contracts and renegotiate leases, Bloomberg reported. Red Lobster did not immediately respond to a Restaurant Business request to comment on the potential bankruptcy. The 650-unit legacy chain has been hobbled in recent years by leadership stumbles and strategic missteps, magnified by economic challenges. In January, Thai Union announced it was cutting ties with Red Lobster and looking for a buyer. Red Lobster lost $33 million in 2022 as traffic slowed and food and labor costs skyrocketed. The chain shuttered 16 restaurants. To compound the problems, the chain debuted a $20 all-you-can-eat shrimp deal last summer. The deal was popular but it ended up costing the company more than $11 million in one quarter. A bankruptcy filing would allow Red Lobster to keep operating while it works to shore up its financial position. Restructuring talks are ongoing and a final decision has not been reached, Bloomberg noted. The struggling seafood chain is hoping Chapter 11 protection will help it restructure its debt while keeping its restaurants operating, according to Bloomberg. https://www.bloomberg.com/news/articles/2024-04-16/red-lobster-mulls-filing-for-bankruptcy-to-fix-balance-sheet (ﾉ◕ヮ◕)ﾉ✧*:･ﾟ ᶠʳᵒⁿᵗ ᵗᵒʷᵃʳᵈ ᵉⁿᵉᵐʸ (*´艸｀*) ♡♡♡ Link to post Share on other sites More sharing options...
Roughhouse Dandy 13,600 Posted April 17, 2024 Share Posted April 17, 2024 Save her. This is my Hannah Montana™️ lipgloss. Link to post Share on other sites More sharing options...
Jnick8 530 Posted April 17, 2024 Share Posted April 17, 2024 Beyonce’s lyrics will not age well. She may as well buy it. Link to post Share on other sites More sharing options...
LaLa 19,898 Posted April 17, 2024 Share Posted April 17, 2024 That would suck but as long as this still exists I'll be okay Link to post Share on other sites More sharing options...
Bling 31,680 Posted April 17, 2024 Share Posted April 17, 2024 The time has come Link to post Share on other sites More sharing options...
Gaga2645 2,299 Posted April 17, 2024 Share Posted April 17, 2024 They need to just let her sleep Link to post Share on other sites More sharing options...
TheSine 6,897 Posted April 17, 2024 Share Posted April 17, 2024 Rest in piece. 💛 Link to post Share on other sites More sharing options...
Knife 7,079 Posted April 17, 2024 Share Posted April 17, 2024 I've never eaten at Red Lobster. Link to post Share on other sites More sharing options...
RAMROD 117,004 Posted April 17, 2024 Author Share Posted April 17, 2024 35 minutes ago, LaLa said: That would suck but as long as this still exists I'll be okay The bulkbuy of this is gonna be insane (ﾉ◕ヮ◕)ﾉ✧*:･ﾟ ᶠʳᵒⁿᵗ ᵗᵒʷᵃʳᵈ ᵉⁿᵉᵐʸ (*´艸｀*) ♡♡♡ Link to post Share on other sites More sharing options...
RAMROD 117,004 Posted April 17, 2024 Author Share Posted April 17, 2024 Just now, Knife said: I've never eaten at Red Lobster. Do you eat seafood? (ﾉ◕ヮ◕)ﾉ✧*:･ﾟ ᶠʳᵒⁿᵗ ᵗᵒʷᵃʳᵈ ᵉⁿᵉᵐʸ (*´艸｀*) ♡♡♡ Link to post Share on other sites More sharing options...
REALITY 80,162 Posted April 17, 2024 Share Posted April 17, 2024 35 minutes ago, BlingNotTheMusic said: The time has come For you to file bankruptcy for. Your. LIFE. 𝔗𝔥𝔢 𝔪𝔬𝔫𝔰𝔱𝔢𝔯 𝔱𝔬𝔯𝔢 𝔞𝔴𝔞𝔶 𝔦𝔱𝔰 𝔪𝔞𝔰𝔨 𝔞𝔫𝔡...𝔦𝔱𝔰 𝔣𝔞𝔠𝔢 𝔴𝔞𝔰 𝔪𝔦𝔫𝔢. Link to post Share on other sites More sharing options...
Bling 31,680 Posted April 17, 2024 Share Posted April 17, 2024 Just now, Reality said: For you to file bankruptcy for. Your. LIFE. I'd like to keep it (on) please Link to post Share on other sites More sharing options...
LateToCult 41,830 Posted April 17, 2024 Share Posted April 17, 2024 Remembering when I once at an entire ultimate feast in one sitting then thought I was gonna explode on the car ride home. Fr, save ha!!! Link to post Share on other sites More sharing options...
Spartacus 4,485 Posted April 17, 2024 Share Posted April 17, 2024 Levi's Jeans is next... -𝐓𝐇𝐄 𝐅𝐀𝐌𝐄 𝐄𝐍𝐈𝐆𝐌𝐀™ Link to post Share on other sites More sharing options...
Emvee 8,825 Posted April 17, 2024 Share Posted April 17, 2024 Haven’t been back since I got food poisoning. bye bitch Link to post Share on other sites More sharing options...
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