In May, Red Lobster filed for Chapter 11 bankruptcy following the abrupt closure of at least 48 restaurants across the country, leaving many employees jobless.
The decision to file for Chapter 11 bankruptcy protection faced backlash from creditors, as it absolves the restaurant from repaying approximately $300 million in debt.
Red Lobster's creditors expressed major backlash toward the bankruptcy plan, as it allows them to avoid repaying loans, complicating the financial landscape.
The sale process is underway, with RL Investor Holdings poised to take over and efforts to rebuild the brand after filing for bankruptcy.
Collection
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