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, it would be an understatement to say that the past few weeks have been rough for Red Lobster. Unfortunately, new court documents reveal the seafood chain may not be past the worst of its financial woes just yet.
the documents listed 228 rejected restaurant leases that Red Lobster says will continue losing money if they keep operating as they do now.The list included at least some of the restaurants that closed their doors last month, indicating that the list's remaining 100+ locations could be at risk of meeting the same fate.last week that the location's landlords are increasing the annual rent to $2.2 million, more than double what Red Lobster is currently believed to be paying.
"This restructuring is the best path forward for Red Lobster. It allows us to address several financial and operational challenges and emerge stronger and re-focused on our growth," CEO Jonathan Tibus said in a statement on May 19."The support we've received from our lenders and vendors will help ensure that we can complete the sale process quickly and efficiently while remaining focused on our employees and guests.
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