Red Lobster’s new CEO Damola Adamolekun admitted that its $20 endless shrimp offering — which contributed to the restaurant filing for bankruptcy — stressed out employees and created “a lot of chaos.” Adamolekun, 35, was tapped to take over the floundering company in August after the Orlando-based chain suddenly shuttered 100 locations and filed for … Read more
Red Lobster is scrambling to stay open in Times Square — but the bankrupt seafood chain has just a few weeks to hammer out a deal as its landlords seek to double the rent, The Post has learned. The restaurant’s lease at the crossroads of the world expires on June 30 and it has been … Read more
Facing mounting debt and declining sales, Red Lobster mulls Chapter 11 bankruptcy. The seafood chain reportedly seeks a Chapter 11 filing to shed burdensome contracts and negotiate more favourable lease terms. Squeezed by unfavourable leases and labour costs, Red Lobster seeks help from King & Spalding, a commercial law firm, to restructure and reduce expenses. … Read more
Red Lobster is reportedly weighing a possible Chapter 11 bankruptcy filing in order to restructure its mounting debt. The seafood restaurant chain — which has 649 locations nationwide — has sought advice from law firm King & Spalding on how to shed some long-term contracts and renegotiate a chunk of its leases, people with knowledge … Read more
