{"id":1207308,"date":"2024-05-22T00:30:00","date_gmt":"2024-05-22T04:30:00","guid":{"rendered":"https:\/\/www.washingtoninformer.com\/?p=1207308"},"modified":"2024-05-22T19:53:15","modified_gmt":"2024-05-22T23:53:15","slug":"red-lobster-closures-bankruptcy","status":"publish","type":"post","link":"https:\/\/www.washingtoninformer.com\/red-lobster-closures-bankruptcy\/","title":{"rendered":"Red Lobster Closes Dozens of Restaurants Nationally"},"content":{"rendered":"<p>Red Lobster lovers will be sure to lament the recently reported closures of nearly 50 locations across the country, including three in the DMV, as the company <a href=\"https:\/\/www.cnn.com\/2024\/05\/20\/investing\/red-lobster-restaurants-bankruptcy\/index.html\">filed for bankruptcy<\/a> on May 19.\u00a0<\/p><p>The restaurants in Laurel, Silver Spring, Gaithersburg and Columbia are all closing. There are still multiple Red Lobsters available in Prince George\u2019s County, including one in <a href=\"https:\/\/food.google.com\/chooseprovider?restaurantId=\/g\/1tg_xztp\">Camp Springs<\/a> and another in <a href=\"https:\/\/food.google.com\/chooseprovider?restaurantId=\/g\/1tkp0p4f\">New Carrollton<\/a>. There will be roughly 600 locations open nationally following these closures.\u00a0<\/p><p>While some observers have blamed the brand\u2019s recent endless shrimp promotion that cost $11 million more than it earned, others have cited <a href=\"https:\/\/abc7ny.com\/post\/is-red-lobster-closing-2024-bankruptcy-endless-shrimp-locations\/14819751\/\">burdens imposed by private finance<\/a> as the reason the brand is preparing to file for bankruptcy and reorganize their business.&nbsp;<\/p><p>Thai Union, the foreign corporation that secured a majority stake in 2020, is planning to divest from Red Lobster and accept a <a href=\"https:\/\/www.cnn.com\/2024\/05\/13\/business\/red-lobster-is-abruptly-closing-dozens-of-restaurants\/index.html\">$530,000,000 loss<\/a>. It is not currently known how the bankruptcy will affect prices or service at the remaining establishments. The company estimates over $1 billion in debts and obligations and less than <a href=\"https:\/\/amp.cnn.com\/cnn\/2024\/05\/20\/investing\/red-lobster-restaurants-bankruptcy\">$30,000,000 in cash assets<\/a>.&nbsp;<\/p><p>According to the company, the proceedings from bankruptcy will be used to \u201cdrive operational improvements, simplify the business through a reduction in locations, and pursue a sale of substantially all of its assets.&#8221;<\/p><p><em>We have previously covered Maryland seafood. Read more <\/em><a href=\"https:\/\/www.washingtoninformer.com\/washington-commanders-give-spotlight-to-local-black-businesses\/\"><em>here<\/em><\/a><em> and <\/em><a href=\"https:\/\/www.washingtoninformer.com\/maryland-department-of-agriculture-gov-moore-host-buy-local-cookout\/\"><em>here<\/em><\/a><em>. A comprehensive list of Black-owned eateries is available <\/em><a href=\"https:\/\/pgccouncil.us\/931\/Black-Restaurant-Week-Listing\"><em>here<\/em><\/a><em>.&nbsp;<\/em><\/p>","protected":false},"excerpt":{"rendered":"<p>Red Lobster has closed nearly 50 locations nationally, including three in the DMV, due to financial losses and the sale of their majority stake to a foreign corporation, and is preparing to file for bankruptcy and reorganize their business.<\/p>\n","protected":false},"author":2344,"featured_media":1207309,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","apple_news_api_created_at":"","apple_news_api_id":"","apple_news_api_modified_at":"","apple_news_api_revision":"","apple_news_api_share_url":"","apple_news_cover_media_provider":"image","apple_news_coverimage":0,"apple_news_coverimage_caption":"","apple_news_cover_video_id":0,"apple_news_cover_video_url":"","apple_news_cover_embedwebvideo_url":"","apple_news_is_hidden":"","apple_news_is_paid":"","apple_news_is_preview":"","apple_news_is_sponsored":"","apple_news_maturity_rating":"","apple_news_metadata":"\"\"","apple_news_pullquote":"","apple_news_pullquote_position":"","apple_news_slug":"","apple_news_sections":[],"apple_news_suppress_video_url":false,"apple_news_use_image_component":false,"_primary_brand":0,"nota_seo_page_title":"Red Lobster files for bankruptcy, closes 50 locations nationwide","nota_seo_page_description":"Red Lobster closes nearly 50 locations, files for bankruptcy, and prepares for a sale. Impact on prices and service uncertain.","newspack_featured_image_position":"small","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[41288,12661,34722,20604,54093,32344,68572,9053,45375],"brand":[],"newspack_spnsrs_tax":[],"coauthors":[62335],"class_list":["post-1207308","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business","tag-camp-springs","tag-columbia","tag-dmv","tag-gaithersburg","tag-laurel","tag-new-carrollton","tag-prince-georges-county-3","tag-red-lobster","tag-silver-spring","entry"],"apple_news_notices":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v24.4 (Yoast SEO v24.6) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Red Lobster files for bankruptcy, closes 50 locations nationwide - The º¬Ð߲ݴ«Ã½ Informer<\/title>\n<meta name=\"description\" content=\"Red Lobster closes nearly 50 locations, files for bankruptcy, and prepares for a sale. 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