Red Lobster files for bankruptcy
(CNN, KFSM) – Red Lobster has filed for bankruptcy.
The largest seafood restaurant chain in the world says it had to settle more than $1 billion in debt.
The company plans to sell its business to its lenders.
In turn, Red Lobster will receive financing to stay afloat, but more restaurants will be closing.
Analysts and former employees say recent mismanagement, competition, inflation and other factors ran the company to the ground.