Rob Wile is a breaking business news reporter for NBC News Digital.
Red Lobster has filed for voluntary Chapter 11 bankruptcy in Florida, the company confirmed in a statement late Sunday night — but it intends to keep its locations open. The 56-year-old seafood chain, the largest of its kind in the U.S., said it would '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.
It allows us to address several financial and operational challenges and emerge stronger and re-focused on our growth.' Founded in 1968, Red Lobster grew to nearly 700 locations by 2019. But it failed to regain its footing after the pandemic. Between 2019 and 2023, U.S. sales fell 13% on net. The privately held company has since struggled under its debt load, while also seeing payments to vendors disrupted.
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