ORLANDO, Fla. — Red Lobster released a letter to its customers Tuesday morning on its Facebook page.
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The letter comes after the Orlando-based seafood chain abruptly closed dozens of restaurants and filed for Chapter 11 bankruptcy.
“We may be the place that you first discovered your love of seafood. Or where you met the love of your life on a first date. Birthdays, graduations, anniversaries and yes, weddings. We’ve been here for them all,” the company said. “And Red Lobster is determined to be there for these moments for generations to come. And that’s why we filed for Chapter 11 bankruptcy protection.”
Read: Red Lobster could shut down another 120 restaurants, cut up to 8,400 jobs
The company goes on to write that the term bankruptcy is often misunderstood.
“Filing for bankruptcy does not mean we are going out of business. In fact, it means just the opposite,” the restaurant chain said. “It is a legal process that allows us to make changes to our business and our cost structure so that Red Lobster can continue as a stronger company going forward.”
Read: Red Lobster owes hundreds of local companies
The company -- the largest seafood chain in the world -- has more than $1 billion in debt and less than $30 million in cash on hand, reports said.
It has more than 100,000 creditors, and it has plans to sell the business to its lenders, according to reports.
Read: 100% of Orlando Red Lobster restaurant contents sold as auction closes
“We have a lot worth rooting for,” the company said in the letter. “We’ve made delicious, high-quality seafood accessible for generations ... We are here and ready to continue making memories with you.”
Read the full letter below:
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