David Bridges
Pink Lobster is formally in Chapter 11 chapter — a transfer that comes days after they shut down dozens of their eating places amid monetary misery, nevertheless it’s one that may hold its remaining branches afloat … for now.
The nation’s greatest seafood chain confirmed the information Sunday evening, that means it is succumbed to burdensome leases, excessive labor prices, and, in fact, its iconic all-you-can-eat shrimp deal — which, in hindsight, appears a bit too beneficiant!
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RL revealed in courtroom filings it has greater than 100,000 collectors with estimated belongings and liabilities each ranging between $1 billion to $10 billion.
The submitting permits Pink Lobster to maintain working whereas it hammers out a plan to repay its collectors … and within the meantime, the corporate has handed over the reins to its lenders, who’ve pitched in with $100M in financing to assist the chain by chapter. So, it is enterprise as regular for now.
Talks of the corporate navigating by uneven waters had been circulating for some time now … and simply final week 100 eating places have been reportedly briefly closed, and greater than a dozen extra have been stated to be totally shutting down.
Pink Lobster’s additionally listed the whole contents of their closed eating places on RestaurantEquipment.bid to herald some further dough — billing it as “the most important restaurant gear public sale ever.”
Pink Lobster first opened its doorways in 1968, because of restaurateurs Invoice Darden and Charley Woodsby. Simply 2 years later, it went from humble beginnings to seafood stardom when it was snapped up by Normal Mills.
