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Red Lobster will close more locations in the US after filing for bankruptcy

2024-06-11T13:59:10+00:00
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Red Lobster closes locations, Georgia, Restaurant, USA, Crisis, Economy- Red Lobster cierra ubicaciones, Georgia, Restaurante, EEUU, Crisis, Economía
Red Lobster closes more locations in Georgia (Photo: Shutterstock)
  • Red Lobster Closes More Locations
  • Debt Exceeds $1 Billion
  • Four Additional Closures in Georgia

Just a couple of weeks after declaring bankruptcy, Red Lobster will close more locations in the U.S.

The restaurant chain plans to close four more locations in Georgia.

The franchise is the largest seafood chain in the world.

The company has over $1 billion in debts.

Sale to Lenders and Additional Closures of Red Lobster

Red Lobster Closes, closing, bankruptcy, MundoNow, Georgia
Red Lobster Closes -Photo: Shutterstock

Plans to sell the business to its lenders.

Analysts attribute the financial troubles to poor management, competition, and inflation.

YOU MAY BE INTERESTED IN: Red Lobster closes Georgia locations amid bankruptcy filing

Red Lobster has already closed several locations in the Atlanta metropolitan area.

CNN reports that the chain plans to close dozens more locations.

The company was founded in 1968 and had about 650 restaurants.

Last year, the chain reported losses of $11 million in the third quarter.

This occurred after adding its unlimited shrimp offering to the menu.

In the fourth quarter of 2023, it reported losses of $12.5 million.

If the court approves the plan, the locations in Georgia that will close are:

• 2679 Adams Farm Dr., Columbus.

• 6550 Tara Blvd, Jonesboro.

• 700 Shorter Ave., Rome and 2579 Cobb Parkway, Smyrna.

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Economy
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