Oh no, no more cheddar bay biscuits!
There is a chance that Red Lobster may be filing for bankruptcy!
It appears that there are reports circulating around that the food chain could be declaring Chapter 11 bankruptcy to help them restructure their debt.
According to Yahoo finance, Law Firm King & Spalding is advising the 56 year old restaurant chain to file Chapter 11 to help them out with some of their long-term contracts and the litany of their leases.
So it's possible that we could be seeing some of the Red Lobster locations closing down in the near future. They, like many other restaurant chains, have felt the pressure of not getting as many people through their doors like they used to in the past. Turns out that the $20 All You Can Eat Shrimp and those delicious cheddar bay biscuits aren't pulling people in like they once did.
