Red Lobster Faces Potential Closure of 135 More Restaurants Amid Bankruptcy

The seafood chain struggles with high rents, debt, and failed promotions as it seeks to renegotiate leases.

Red Lobster has already closed 93 locations and filed for Chapter 11 bankruptcy in May.
The company is at risk of shutting down an additional 135 restaurants if it cannot secure cheaper rent agreements.
The Times Square flagship faces a rent increase to $2.2 million annually, doubling its current cost.
Red Lobster's financial woes include $300 million in debt and a failed $20 all-you-can-eat shrimp promotion.
The chain is investigating the role of its majority owner, Thai Union, in its recent financial difficulties.