Red Lobster in more hot water as reports of possible bankruptcy emerge

A report from Bloomberg on Wednesday, citing people familiar with the situation, says that the seafood restaurant chain is weighing aThe outlet reported that while no final decisions have been made about a possible filing, the chain is being advised by law firm King & Spalding on next steps.

Red Lobster Canada did not immediately respond to Global News’ inquiry about the fate or financial state of operations north of the border.on multiple occasions in the past year; its largest investor, Thai Union Group, made it known that it is looking for an out, and plans to sell its minority stake in the company.

And while the company succeeded in its goal of bringing more diners into its locations — traffic rose about two per cent compared to the second quarter and by four per cent over 2022 — the insatiable American appetite for shellfish ultimately lost Red Lobster millions. News of a bankruptcy filing doesn’t necessarily mean the company will close up shop, however. A Chapter 11 bankruptcy means the company could continue to operate while it works with creditors and investors to come up with a debt reduction plan. Burdensome leases could be renegotiated, as well as other long-term contracts.Red Lobster: I’ve got a great idea. All you can eat seafood… sometimes shrimp…crab legs.. lobster. We’re going to make mad money with this promotion.

Is Red Lobster Closing Red Lobster Bankrupt Red Lobster Bankruptcy Trending U.S. News

Canada Latest News, Canada Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

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.
Source: BNNBloomberg - 🏆 83. / 50 Read more »

Southwestern Newfoundland lobster harvesters join their union colleagues in protest from afarExplore stories from Atlantic Canada.
Source: SaltWire Network - 🏆 45. / 63 Read more »

Six sites in Lobster Bay and Pubnico Harbour pre-approved for aquaculture developmentExplore stories from Atlantic Canada.
Source: SaltWire Network - 🏆 45. / 63 Read more »

Six sites in Lobster Bay and Pubnico Harbour pre-approved for aquaculture developmentExplore stories from Atlantic Canada.
Source: SaltWire Network - 🏆 45. / 63 Read more »

China to Lift Australian Lobster Import Ban, Morning Post SaysChina’s unofficial ban on imports of live Australian lobster will likely be lifted as relations between the two nations continue to warm, the South China Morning Post reported, citing a source with knowledge of the matter.
Source: BNNBloomberg - 🏆 83. / 50 Read more »

Strong demand, weak catch: Lobster prices reach historic highs in Nova ScotiaThe wharf price for live lobster recently hit $20 a pound – nearly double the rate in December
Source: globeandmail - 🏆 5. / 92 Read more »