The seafood chain has 27 locations in Canada, primarily in Ontario, but has four in Alberta, two in Saskatchewan and one in Manitoba
, significant rent obligations and high labour costs, court documents suggest the chain has liabilities of up to US$10 billion. The Financial Post breaks down what we know about the bankruptcy and what it means for the company and its Canadian operations moving forward.in the U.S., citing liabilities of upward of US$10 billion. Under the filing, the chain can continue to operate while it works on plan to repay its creditors.
Overall sales had sharply declined in the past year as inflation kept customers away and rising operating costs hurt the seafood chain’s bottom line. Most of Red Lobster’s 27 Canadian locations are in Ontario, with four in Alberta, two in Saskatchewan and one in Manitoba. Its Canadian operations amount to less than five per cent of it’s consolidated revenue.
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Filing For Bankruptcy Seafood Chain Bankruptcy Filing Chapter 11 Bankruptcy Bankruptcy Filings
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Ontario judge upholds Red Lobster's U.S. bankruptcy case in CanadaTORONTO — An Ontario judge issued an order Tuesday that recognizes and enforces Red Lobster’s U.S. bankruptcy protection proceedings in Canada.
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Ontario judge to uphold Red Lobster's U.S. bankruptcy case in CanadaTORONTO — An Ontario judge says he will issue an order later today that recognizes and enforces Red Lobster’s U.S. bankruptcy protection proceedings in Canada.
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Ontario judge to uphold Red Lobster's U.S. bankruptcy case in CanadaAn Ontario judge says he will issue an order later today that recognizes and enforces Red Lobster’s U.S. bankruptcy protection proceedings in Canada.
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Ontario judge to uphold Red Lobster's U.S. bankruptcy case in CanadaAn Ontario judge says he will issue an order later today that recognizes and enforces Red Lobster’s U.S. bankruptcy protection proceedings in Canada.
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Red Lobster in Ontario court to discuss U.S. bankruptcy case, Canadian assets: docsA lawyer for Red Lobster Canada, Inc. says he will ask an Ontario court today to recognize and enforce the chain’s U.S. bankruptcy protection proceedings.
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