Seafood Chain Red Lobster Files for Bankruptcy Protection (1)

Seafood restaurant chain Red Lobster filed for bankruptcy, succumbing to onerous leases and high labor costs.

The Orlando, Florida-based dining chain has voluntarily filed for relief under Chapter 11 of the Bankruptcy Code in the US Bankruptcy Court for the Middle District of Florida, according to a court filing. It listed assets of $1 billion to $10 billion and estimated liabilities of $1 billion to $10 billion in its bankruptcy petition.

The company had been showing signs of financial stress as its losses mounted. Thai Union Group Plc, which took over the company in 2020, earlier disclosed plans to ...