After news of a massive auction last week, Red Lobster has officially filed for bankruptcy, Nathaniel Meyersohn reports for CNN.
The seafood chain is reportedly 1 billion dollars in debt and has less than $30 million in cash on hand. According to Meyersohn, Red Lobster's plan forward is two-pronged: It plans to sell its business to its lenders and receive financing to stay afloat, while also closing additional locations permanently. Currently, the chain has nearly 600 restaurants throughout the US and Canada, and employs 36,000 people, most in part-time roles.
