Red Lobster, the popular seafood restaurant chain that has been around since 1968, has recently filed for bankruptcy. The company plans to sell its business to an entity formed and controlled by its existing term lenders.
Even though Red Lobster recently shut down 50 locations across the U.S., the company has said that its restaurants will remain open during the Chapter 11 process.
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In a press release, CEO Jonathan Tibus stated that filing for bankruptcy is “the best path forward” for the restaurant chain. The company has received a $100 million financing commitment from its existing lenders to continue…
