Red Lobster to Close More Locations
After losing more than $11 million on its endless shrimp deal and consequently filing bankruptcy, Red Lobster is closing nearly two dozen more locations across the U.S.
According to recent court documents, the restaurant chain is scheduled to close 23 additional sites by August 31, adding to the list of more than 100 sites Red Lobster shut down this summer. The company will have about 500 locations left.
As a part of Red Lobster’s ongoing bankruptcy, Fortress Credit Corporation, the company which also owns Krystal, Logan’s Roadhouse, and J. Alexander’s, is currently in the process of buying the seafood restaurant chain.
Red Lobster’s bankruptcy and sellout is reportedly due to mismanagement, competition, inflation, and its global seafood supplier also filing bankruptcy a few years ago.
The 23 Red Lobster restaurants scheduled to close during Labor Day Weekend are located in Illinois, South Carolina, North Carolina, Arkansas, Colorado, Florida, Georgia, Minnesota, Missouri, New York, Ohio, and Virginia.
