Red Lobster Files For Bankruptcy, Hammers Out Plan to Repay Creditors

Flavor Flav Orders Entire Red Lobster Menu to Help Chain After Bankruptcy Filing

Flavor Flav Orders Entire Red Lobster Menu , to Help Chain After Bankruptcy Filing. Flavor Flav Orders Entire Red Lobster Menu , to Help Chain After Bankruptcy Filing. Red Lobster filed for Chapter 11 bankruptcy last month. Days before doing so, the chain closed nearly 100 locations. . On June 3, rapper Flavor Flav took to X to show his support for the restaurant. . Ya boy meant it when I said I was gonna do anything and everything to help @redlobster and save the cheddar bay biscuits, Flavor Flav, via X. Ordered the whole menu!!!, Flavor Flav, via X. In an additional post, the 65-year-old said that he shared the food with his family. Red Lobster commented beneath his post, saying, "It's flavor time, boyeeeeeeee.". Red Lobster commented beneath his post, saying, "It's flavor time, boyeeeeeeee.". Many blame Red Lobster's turbulence on Thai Union's mismanagement. The company took over the chain in 2020 and owns a 49% stake. Les Foreman, a former West Coast division vice president who worked at Red Lobster for 20 years, . told CNN, "It was miserable working there for the last year and a half I was there.". They didn’t have any idea about running a restaurant company in the United States, Les Foreman, a former West Coast division vice president, to CNN

Red Lobster Says Locations Will Stay Open After Filing For Bankruptcy

Red Lobster Says , Locations Will Stay Open , After Filing For Bankruptcy. On May 19, Red Lobster confirmed in a statement that the company has filed for voluntary Chapter 11 bankruptcy in Florida. . NBC reports that the largest seafood chain in the United States said that filing for Chapter 11 will , "drive operational improvements, simplify the business through a reduction in locations, and pursue a sale of substantially all of its assets as a going concern.". In a so-called stalking horse arrangement, Red Lobster will sell the entire business to a new entity that is completely owned and controlled by lenders. . According to the company, lenders have provided $100 million in financial commitments to fund the chain's ongoing operations. According to the company, lenders have provided $100 million in financial commitments to fund the chain's ongoing operations. NBC reports that the company's bankruptcy petition lists Red Lobster's assets at a value between $1 billion and $10 billion. The chain stressed that despite closing around 99 locations across the U.S., remaining locations will remain open during the bankruptcy process. The company added that it has been , "working with vendors to ensure that operations are unaffected.". This restructuring is the best path forward for Red Lobster. It allows us to address several financial and operational challenges and emerge stronger and re-focused on our growth, Jonathan Tibus, Red Lobster CEO, via NBC. The 56-year-old chain was founded back in 1968. By 2019, Red Lobster had expanded to include nearly 700 locations across the country. NBC reports that the company has struggled under a growing debt load after failing to regain a foothold following the COVID-19 pandemic.