CNBC Retail Reporter
Beleaguered seafood chain Red Lobster is seeking a buyer as it looks to avoid filing for bankruptcy, CNBC has learned. The company has considered filing for bankruptcy to help it restructure its debt and get out of a number of costly and lengthy leases, but it’s also sought a buyer in recent months, people familiar with the matter told CNBC. At least one firm had been interested in buying the chain, but a deal never came to fruition.
This year marks the 10-year anniversary of Darden Restaurants’ sale of Red Lobster after investors pushed the company to divest. Private equity firm Golden Gate Capital bought the seafood chain for $2.1 billion and embarked on a turnaround. Thai Union Group, a seafood supplier and longtime Red Lobster vendor, bought a minority stake in the chain in 2016. With the help of an investor group dubbed the Seafood Alliance, it bought out Golden Gate’s remaining stake in 2020, months into the pandemic.
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