Red Lobster files Chapter 11 bankruptcy
Orlando-based restaurant chain Red Lobster Management LLC, and its related subsidiaries, announced in a May 19 news release it has voluntarily filed for Chapter 11 bankruptcy relief in the United States Bankruptcy Court for the Middle District of Florida.
The news came via an 11:34 p.m. release distributed by the company. The company added it plans to remain open and operate as usual during the sale process. Further, an initial filing made by Red Lobster on May 19 said the company has over 100,000 creditors and between $1 billion and $10 billion in liabilities. Law firms named in the filing are King & Spalding LLP of Atlanta and Berger Singerman LLP of West Palm Beach.
