Red Lobster bankruptcy could soon put it under new ownership

Category: Business

Red Lobster filed for Chapter 11 bankruptcy on May 19, leading to nationwide restaurant closures, including two in Dallas. The company has proposed a reorganization plan involving an equity transfer to maintain operational continuity and reduce complexities associated with a traditional asset sale. The plan aims to enhance efficiency in key departments and improve customer experience amidst disputes with landlords and creditors over unpaid bills.

Keywords: Red Lobster, bankruptcy, restaurant closures

Source: WFAA.com

Update At: 7/24/2024

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