Red Lobster files for bankruptcy & confirms it will sell its assets – days after closing dozens of restaurants around US [Video]

RED Lobster has officially filed for bankruptcy days after the popular seafood franchise announced the shut down of dozens of restaurants across the country. 

In their bankruptcy filing late Sunday, the restaurant announced it would be selling its assets to help restructure the company. 

Red Lobster confirmed to the Wall Street Journal that it filed for Chapter 11 bankruptcy protection in the US Bankruptcy Court for the Middle District of Florida. 

The company told the outlet that it plans to use the relief for simplifying its business structure through location closures as well as boostings its operational efficiency. 

“This restructuring is the best path forward for Red Lobster,” Chief Executive Jonathan Tibus said.

“It allows us to address several financial and operational challenges and emerge stronger …