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Experts are questioning the factors that contributed to the potential demise of Red Lobster as reports emerge that a company that’s over 50 years old may need to close over 100 additional locations.
The company could lose 135 more eateries if it’s unable to renegotiate its leases, the New York Post reported.
Last month, the seafood restaurant chain announced it would be “auctioning off 50-plus locations across the country” shortly before it sought protection in bankruptcy court.
RED LOBSTER CLOSING DOZENS OF LOCATIONS AS BANKRUPTCY POSSIBILITIES LOOM
The company filed for Chapter 11 bankruptcy protection more than 50 years after it opened its doors in 1968.
After the pandemic, Red Lobster feverishly tried to boost traffic to its restaurants by offering a $20 all-you-can-eat shrimp deal the company hoped would serve as a…
