{"id":2249578,"date":"2024-05-21T14:34:02","date_gmt":"2024-05-21T18:34:02","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/red-lobster-says-it-is-not-going-out-of-business-after-filing-for-bankruptcy\/"},"modified":"2024-05-21T14:34:26","modified_gmt":"2024-05-21T18:34:26","slug":"red-lobster-says-it-is-not-going-out-of-business-after-filing-for-bankruptcy","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/red-lobster-says-it-is-not-going-out-of-business-after-filing-for-bankruptcy\/","title":{"rendered":"Red Lobster reassures it&#8217;s not closing despite bankruptcy filing"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">18<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fred-lobster-says-it-is-not-going-out-of-business-after-filing-for-bankruptcy%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=2249578&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><p class=\"readmore\">\n    <button onclick=\"showReadMore()\" id=\"readmorebtn\">Read more&#8230;<\/button>\n<\/p>\n<hr id=\"line\">\n<span id=\"more\"><\/p>\n<div data-td-block-uid=\"tdi_78\">\n<p><a href=\"https:\/\/www.washingtonexaminer.com\/tag\/restaurants\/\" target=\"_blank\" rel=\"noopener\" title>Restaurant<\/a> chain Red Lobster has claimed it is not going out of business, seeking to clarify its recent move to file for <a href=\"https:\/\/www.washingtonexaminer.com\/tag\/bankruptcy\/\" target=\"_blank\" rel=\"noopener\" title>bankruptcy<\/a> this week.<\/p>\n<p>The seafood chain <a href=\"https:\/\/www.washingtonexaminer.com\/news\/business\/3009704\/red-lobster-files-bankruptcy-closing-several-locations\/\" target=\"_blank\" rel=\"noopener\" title>filed for bankruptcy protection in the U.S. Bankruptcy Court<\/a> for the Middle District of Florida on Sunday and said it would pursue a sale of all assets. In a new statement released Tuesday, Red Lobster argued the word bankruptcy is a \u201cmisunderstood\u201d word and offered to clarify the chain\u2019s situation.<\/p>\n<p>\u201cFiling for bankruptcy does not mean we are going out of business,\u201d the statement said. \u201cIn fact, it means just the opposite. It is a legal process that allows us to make changes to our business and our cost structure so that Red Lobster can continue as a stronger company going forward.\u201d<\/p>\n<p>Red Lobster also cited how brands including Delta Air Lines and the car rental company Hertz have filed for bankruptcy and are now in a better <a href=\"https:\/\/www.washingtonexaminer.com\/tag\/finance\/\" target=\"_blank\" rel=\"noopener\" title>financial<\/a> position than when they filed. The company concluded filing for bankruptcy can \u201cwrite a new chapter\u201d with the chain.<\/p>\n<p>The restaurant chain, known for its seafood offerings and cheddar cheese biscuits, opened its first location in Lakeland, Florida, in 1968 and went under the ownership of General Mills shortly after. The chain was later spun off with the rest of General Mills\u2019s restaurant division as part of Darden Restaurants in 1995, with Red Lobster splitting from Darden in 2014.<\/p>\n<p><strong><a href=\"https:\/\/www.washingtonexaminer.com\/\" target=\"_blank\" rel=\"noopener\" title>CLICK HERE TO READ MORE FROM THE WASHINGTON EXAMINER<\/a><\/strong><\/p>\n<p>The chain\u2019s filings have said it had entered a \u201cstalking horse purchase agreement,\u201d which would move forward the sale of the company to a business owned and operated by its lenders. Court filings revealed that the company has more than $1 billion in debt compared to $30 million in cash on hand.<\/p>\n<p>Prior to filing for bankruptcy, <a href=\"https:\/\/www.washingtonexaminer.com\/news\/3002935\/red-lobster-closes-over-50-stores-across-major-cities\/\" target=\"_blank\" rel=\"noopener\" title>Red Lobster closed over 50 of its restaurants<\/a>, some of which are based in major United States cities such as Denver, Colorado, and Myrtle Beach, South Carolina. <a href=\"https:\/\/www.tagexbrands.com\/red-lobster\/\" target=\"_blank\" rel=\"noopener\" title>TAGeX Brands<\/a> auctioned off these various locations.<\/p>\n<\/p><\/div>\n<p><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Red Lobster clarified it&#8217;s not closing despite the bankruptcy filing. The seafood chain sought bankruptcy protection in the U.S. Bankruptcy Court for the Middle District of Florida and aims to sell all assets<\/p>\n","protected":false},"author":2632,"featured_media":2249579,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"https:\/\/www.washingtonexaminer.com\/wp-content\/uploads\/2024\/05\/AP24141540870235-1024x683.jpg","fifu_image_alt":"","footnotes":""},"categories":[],"tags":[],"class_list":["post-2249578","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry"],"fifu_image_url":"https:\/\/www.washingtonexaminer.com\/wp-content\/uploads\/2024\/05\/AP24141540870235-1024x683.jpg","_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/2249578","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/2632"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=2249578"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/2249578\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/2249579"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=2249578"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=2249578"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=2249578"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}