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Published 13 days ago

Red Lobster 'Bankruptcy' Scare: CFO Blames Unlimited Shrimp Deal, Pricey Labor and Leases

Summary by IBTimes UK
Facing mounting debt and declining sales, Red Lobster mulls Chapter 11 bankruptcy. The seafood chain reportedly seeks a Chapter 11 filing to shed burdensome contracts and negotiate more favourable lease terms. Squeezed by unfavourable leases and labour costs, Red Lobster seeks help from King & Spalding, a commercial law firm, to restructure and reduce expenses. In a desperate bid to reverse declining sales in 2023, Red Lobster launched an "all-y…

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Red Lobster 'Bankruptcy' Scare: CFO Blames Unlimited Shrimp Deal, Pricey Labor and Leases

Facing mounting debt and declining sales, Red Lobster mulls Chapter 11 bankruptcy. The seafood chain reportedly seeks a Chapter 11 filing to shed burdensome contracts and negotiate more favourable lease terms. Squeezed by unfavourable leases and labour costs, Red Lobster seeks help from King & Spalding, a commercial law firm, to restructure and reduce expenses. In a desperate bid to reverse declining sales in 2023, Red Lobster launched an "all-y…

13 days ago·United Kingdom
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