The recent closure of another two dozen Red Lobster restaurants signifies the chain's ongoing struggle under bankruptcy, bringing the total to 106 locations shut down nationwide due to losses.
Bankruptcy filings indicate that the closed locations were labeled as 'likely to continue to drive losses', pushing Red Lobster to make these difficult business decisions.
Known for its budget-friendly seafood, Red Lobster still operates over 530 locations across the U.S. and Canada, maintaining a workforce of about 36,000 employees.
After filing for bankruptcy, Red Lobster acknowledged debts exceeding $1 billion, down from a previous count of approximately 650 restaurants in operation last year.
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