Overview

• Red Lobster has already closed 99 locations across 28 states in May.
• The chain has identified 228 leases it plans to reject, putting 129 more locations at risk.
• High debt, reduced customer traffic, and failed promotions have exacerbated financial challenges.
• The company aims to renegotiate leases to avoid further closures and stabilize its operations.
• Iconic locations, including the Times Square restaurant, are among those potentially closing.