Red Lobster to Close 23 More Locations Amid Bankruptcy

The seafood chain will reduce its footprint to around 500 restaurants as it restructures under new ownership.

Red Lobster has already closed over 100 locations this year due to financial struggles.
The latest closures will affect restaurants in 16 states, including Arizona, Florida, and Illinois.
Fortress Credit Corp. is set to acquire Red Lobster and install a new CEO, former PF Chang's CEO Damola Adamolekun.
The company filed for Chapter 11 bankruptcy in May, citing debt, competition, and management issues.
Red Lobster's financial woes were exacerbated by a failed $20 endless shrimp promotion.