The longtime chain, known for its cheddar bay biscuits and unlimited shrimp, has been considering filing for bankruptcy as it contends with sluggish sales and a number of lengthy and costly leases.The company has considered filing for bankruptcy to help it restructure its debt and get out of a number of costly and lengthy leases, but it's also sought a buyer in recent months, people familiar with the matter told CNBC.Sign up for NBC LA newsletters.
The longtime chain, known for its cheddar bay biscuits and unlimited shrimp, is looking for a new home at a time when capital is expensive and large restaurant groups are feeling cautious as the broader casual-dining segment lags. The restructuring expert has decades of experience working with struggling restaurant chains, but many of them were smaller than Red Lobster. Tibus didn't return a request for comment.sale of Red Lobster after investors pushed the company to divest. Private equity firm Golden Gate Capital bought the seafood chain for $2.1 billion and embarked on a turnaround.
Kelli Valade took the top job in 2021, but left a year later to become CEO of Denny's. Horace Dawson, hired more than a year after Valade's exit, was in the job for around six months before the company named Tibus as chief executive in March.
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