Yahoo Finance Red Lobster closes some restaurants in the Metroplex as it files Chapter 11 bankruptcy
Two Red Lobster restaurants have recently closed amid the seafood chain’s financial woes.
The company announced Sunday it had voluntarily filed for Chapter 11 bankruptcy reorganization.
About a week prior to the filing, Dallas locations at 9069 Vantage Point Drive and 10290 Technology Blvd. closed. Eleven locations across the Metroplex remain open, including one on South Hulen Street in Fort Worth, and one each in Arlington, Burleson and North Richland Hills.
Red Lobster closed a total of 87 restaurants across the country prior to the filing. As of Monday, some locations were auctioning off kitchen supplies, USA Today reported.
Other Texas locations that Red Lobster closed are in Houston, Lake Jackson, Longview, Lufkin, Pasadena and Tyler.
“This restructuring is the best path forward for Red Lobster,” CEO Jonathan Tibus said in a press release announcing the filing.
The company said it intends to make “operational improvements” and simplify the business through a reduction in locations. Other Red Lobster locations will remain open throughout the bankruptcy process, according to the company.
Red Lobster has struggled in recent years. Since 2021, Red Lobster has had five CEOs, Eater reported.
In 2014, the chain’s former parent company sold it to private equity firm Golden Gate Capital for $2.1 billion. The chain was sold again in 2020 to seafood company Thai Union, which had been investing in Red Lobster since 2016. In January, Thai Union announced its intention to exit the business.
