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Red Lobster Files for Chapter 11 Bankruptcy Amid $1 Billion Debt
May 20, 2024, 01:14 PM
Red Lobster has officially filed for voluntary Chapter 11 bankruptcy on May 20. The seafood chain reported having over $1 billion in debt and less than $30 million in cash on hand. This filing comes a week after the company closed 48 of its locations.
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Markets
Yes • 50%
No • 50%
Company press releases, news reports
Yes • 50%
No • 50%
Company press releases, SEC filings
No • 50%
Yes • 50%
Bankruptcy court filings, company press releases
Is acquired by another company • 33%
Successfully restructures and remains independent • 33%
Liquidates all assets and ceases operations • 34%
Company press releases, financial reports
Returns to profitability • 33%
Continues to operate at a loss • 33%
Files for bankruptcy again • 34%
Company financial reports, SEC filings
Focuses on digital and delivery services • 25%
Reduces number of physical locations • 25%
Revamps menu to reduce costs • 25%
Expands internationally • 25%
Company press releases, news interviews