A sign is posted outside a Red Lobster restaurant on April 17, 2024 in Rohnert Park, California.
Justin Sullivan | fake images
Red Lobster has filed for bankruptcy and is continuing the process to reduce its footprint and find a buyer, the company said in a statement.
CNBC reported last month that the seafood chain was looking for a buyer, burdened by significant debt and long-term leases. The company recently named a restructuring expert, Jonathan Tibus, managing partner at the advisory firm Alvarez & Marsal, as its chief executive.
“This restructuring is the best path forward for Red Lobster,” Tibus said in a statement Sunday night. “It allows us to address several financial and operational challenges and emerge stronger and refocused on our growth. The support we have received from our lenders and suppliers will help ensure that we can complete the sale process quickly and efficiently while remaining focused on our employees and guests.”
This story is developing. Please check for updates.
