Red Lobster declared bankruptcy Monday — punctuating a five-year chapter marked by traffic declines, inconsistent sales and dwindling cash.
The restructure will result in a leaner company, smaller menu and better capital structure, per a plan laid out in a court filing by CEO Jonathan Tibus. The restaurant chain, which was established in 1968, has long been considered the top seafood restaurant in the U.S. But recently, it has struggled to keep hold of its crown in the face of shifting consumer preferences.
Red Lobster tried to keep pace with trends by adding new menu options like “lighter seafood dishes to cater to health-conscious consumers,” Tibus said in a court…
