Red Lobster, a well-known seafood restaurant chain, is reportedly considering filing for Chapter 11 bankruptcy, as reported by Bloomberg. Despite rumors of possible mass closures, it seems unlikely at this time. The first Red Lobster restaurant opened in Florida over 50 years ago, and El Paso is home to two locations, one on Gateway Blvd. West and a newer one on Joe Battle Blvd.
Chapter 11 bankruptcy, often known as “reorganization bankruptcy,” typically allows a business to remain open while restructuring its finances to pay off existing debts over time. As of now, Red Lobster has not officially filed for bankruptcy. Golden Gate Capital acquired Red Lobster from Darden Restaurants in 2014 through a leveraged buyout. In 2020, Thai Union purchased Golden Gate’s stake in the chain, retaining ownership.
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