Red Lobster Is Heading For Bankruptcy After Losing Millions On Endless Shrimp [Yahoo! Finance]
SOFTBANK GRP UNSP/ADR (SFTBY)
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Source: Yahoo! Finance
stakes reported a $22 million loss for the year . Now, the purveyor of Cheddar Bay Biscuits is facing potential bankruptcy. According to B loomberg , Red Lobster is considering a Chapter 11 bankruptcy filing in hopes of restructuring its debts. The company has reportedly received advice from law firm King & Spalding and is hoping to get out of long-term contracts and renegotiate leases in the process. While Red Lobster's largest investor, Thai Union Group, has yet to sell its majority stakes, the company is seeking an exit route due to "ongoing financial requirements [that] no longer align" with its "allocation priorities." "After detailed analysis, we have determined that Red Lobster's ongoing financial requirements no longer align with our capital allocation priorities and therefore are pursuing an exit of our minority investment," said Thiraphong Chansiri, Thai Union Group's CEO, in a statement earlier this year. He cited the pandemic, labor costs, industry headwinds, rising
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