Seafood Chain Red Lobster Files for Bankruptcy Protection
Posted on AllSides May 19th, 2024
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Seafood restaurant chain Red Lobster filed for bankruptcy, succumbing to onerous leases and high labor costs.
The Orlando, Florida-based dining chain has voluntarily filed for relief under Chapter 11 of the Bankruptcy Code in the US Bankruptcy Court for the Middle District of Florida, according to a court filing. It listed assets of $1 billion to $10 billion and estimated liabilities of $1 billion to $10 billion in its bankruptcy petition.
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