Restaurant chain Red Lobster has officially filed Chapter 11 bankruptcy. The chain plans to stay open, but will close even more locations than the 48 announced last week. No Arkansas locations, including the one in Pine Bluff were on the original list. The chain has been struggling financially, especially with leases and labor costs. Many locations have underperformed since the end of the COVID pandemic. Inflation has cause many menu items to rise and consumers have been less inclined to eat out. The chain is reported to have lost 11 million dollars in the 3rd Quarter of last year, mostly due to their “Ultimate Endless Shrimp” promotion.
