Red Lobster files for bankruptcy

Red Lobster files for bankruptcy
  • Red Lobster has filed for bankruptcy as it continues the process to shrink its footprint and find a buyer, the company said in a statement.
  • CNBC reported last month the seafood chain was seeking a buyer, weighed down by significant debt and long-term leases.

A sign is posted on the exterior of a Red Lobster restaurant on April 17, 2024 in Rohnert Park, California. 

Justin Sullivan | Getty Images

Red Lobster has filed for bankruptcy, continuing the process to shrink its footprint and find a buyer, the company said in a statement.

CNBC reported last month the seafood chain was seeking a buyer, weighed down by significant debt and long-term leases. The company recently appointed a restructuring expert — Jonathan Tibus, a managing partner with advisory firm Alvarez & Marsal — as its CEO.

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