Red Lobster considers bankruptcy to deal with leases and labor costs [Los Angeles Times (CA)]
Darden Restaurants, Inc. (DRI)
Last darden restaurants, inc. earnings: 3/19 07:00 am
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Source: Los Angeles Times
Red Lobster has been getting advice from law firm King & Spalding, said the people, who asked not to be identified discussing a private matter. The dining chain is considering a possible Chapter 11 filing to shed some long-term contracts and renegotiate a swath of leases, the people said. Red Lobster's cash flows have been weighed down by onerous leases and labor costs, among other issues. Restructuring discussions are ongoing and a final decision hasn't been made, they said. Filing for bankruptcy would allow the company to keep operating while it works on a debt-cutting plan. Messages left with Red Lobster and King & Spalding were not returned. Red Lobster traces its roots to a single restaurant in Lakeland, Fla., in 1968, according to its website . The company introduced its popular cheese-flavored biscuits in 1992, and Red Lobster now boasts hundreds of locations across the U.S. and Canada, along with international franchises. The restaurant chain has gone through multiple
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- Red Lobster seeks a buyer as it looks to avoid bankruptcy filing [Yahoo! Finance]Yahoo! Finance
- Red Lobster seeks a buyer as it looks to avoid bankruptcy filing [CNBC]CNBC
- Darden Restaurants: An Appetizing Dividend Growth Stock [Seeking Alpha]Seeking Alpha
- Darden Restaurants, Inc. (NYSE: DRI) had its "buy" rating re-affirmed by analysts at TD Cowen. They now have a $190.00 price target on the stock.MarketBeat
DRI
Earnings
- 3/21/24 - Miss
DRI
Sec Filings
- 4/26/24 - Form 4
- 4/25/24 - Form 144
- 4/9/24 - Form 4
- DRI's page on the SEC website