Red Lobster is reportedly considering filing for bankruptcy to relieve financial pressures that have weighed on the company.
According to a report by Bloomberg citing people familiar with the discussions, Red Lobster is weighing a Chapter 11 bankruptcy filing to renegotiate burdensome leases and address other long-term contracts as well as rising labor costs.
The outlet reported that the seafood restaurant chain is being advised by law firm King & Spalding on the subject, and that discussions about restructuring are ongoing and no final decisions have been made about a bankruptcy filing…