NAYZE MEDIA
BUSINESS
Cover Photo Courtesy: USA Today
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Red Lobster has reportedly filed for bankruptcy, claiming to have over $1 billion in debt and less than $30 million in cash on hand.
A report from 6-ABC Action News said Red Lobster plans to sell its businesses to its lenders, and in turn, it will receive financing to stay afloat. The company said they expect to continue closing restaurants in the meantime.
Red Lobster currently has 578 restaurants in 44 states and Canada.
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