Red Lobster is officially in Chapter 11 bankruptcy — a move that comes days after they shut down dozens of their restaurants amid financial distress, but it’s one that will keep its remaining branches afloat … for now.
The nation’s biggest seafood chain confirmed the news Sunday night, meaning it’s succumbed to burdensome leases, high labor costs, and, of course, its iconic all-you-can-eat shrimp deal — which, in hindsight, seems a bit too generous!
