Red Lobster seeks bankruptcy protection days after closing dozens of restaurants
Red Lobster is filing for Chapter 11 bankruptcy protection shortly after closing some of its restaurants. Red Lobster has been struggling in recent years with rising lease and labor costs. The seafood restaurant chain said in a court filing that it has more than 100,000 creditors and estimated assets between $1 billion and $10 billion. The company’s estimated liabilities are between $1 billion and $10 billion.