(Bloomberg) -- Seafood restaurant chain Red Lobster filed for bankruptcy, succumbing to onerous leases, high labor costs and a disastrous unlimited shrimp...
-- Seafood restaurant chain Red Lobster filed for bankruptcy, succumbing to onerous leases, high labor costs and a disastrous unlimited shrimp promotion.The Orlando, Florida-based company filed for Chapter 11 protection on Sunday, listing assets and liabilities of $1 billion to $10 billion each in its bankruptcy petition . The filing allows the company to keep operating while it works out a plan to repay creditors.
Red Lobster traces its roots to a single restaurant in Lakeland, Florida in 1968. It expanded rapidly in the 1970s and 1980s, and developed a loyal following for its Cheddar Bay Biscuits. The company now operates more than 550 restaurants in the US and Canada. The chain employs 34,000 people in the US and an additional 2,000 in Canada. Last week, it shuttered 93 underperforming stores.Copper Hits Record Above $11,000 on Bets That Shortage Looms
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