RED LOBSTER CLOSING

and now taking a look at some national news with a local tie less than one week after Red Lobster announced the closure of dozens of restaurants Across the Nation the company has officially filed for chapter 11 bankruptcy one of the restaurants slated to close is located in the pedmont Triad area according to WJ and the Associated Press the seafood restaurant chain has been struggling with Rising Le lease and labor costs in recent years operational missteps and underperforming locations also contributed to the decision to file for bankruptcy now the chain plan plans to remain open albeit with a smaller footprint a news release issued by the company on Sunday night May the 19th said Red Lobster restaurants will remain open and operating as usual during the chapter 11 process continuing to be the world's largest and most l seafood restaurant company now Red Lobster had previously indicated that nearly 100 restaurants Across the Nation would be closing in an attempt to cut losses four locations will be closing in North Carolina including the one in Burlington which is located in the pedmont Triad other North Carolina locations slated to close include carry Durham and Rocky Mount according to the report from WJET and the associate ated press multiple factors led to Red Lobster's bankruptcy filing it include inflationary pressure which caused menu prices to rise many states recent increases in the minimum wage and the company spending tens of millions of dollars on leases at underperforming locations in Sunday's bankruptcy filings Red Lobster estimated 1 billion to 10 billion in liabilities owed to over 100,000 creditors according to a recent list of Red Lobster closings locations in Virginia on The Chopping Block include Colonial Heights Williamsburg and Newport News