Earlier this year in May, popular seafood restaurant Red Lobster announced the abrupt closure of restaurants in Florida, Illinois, Maryland, Colorado, Texas, and California. This turn of events took many company employees off guard, leaving them without work effective immediately.
While unexpected, these shutdowns weren’t exactly an outlier. Over the years, the retail, tech, and service industries have begun experiencing layoffs as companies grapple with inflation and a changing economy.
Unfortunately for many Americans across the country, these closures aren’t stopping anytime soon. In fact, Red Lobster is shutting down dozens more of its restaurants amid a bankruptcy filing.
This is moving quickly
By the end of the month, 23 more restaurants will cease operations. This comes as Red Lobster is working with Fortress Credit Corp. Fortress Credit previously floated the seafood restaurant a $100 million loan. Now, given the bankruptcy proceedings, Red Lobster is selling itself to the investment company.
