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ORLANDO, Fla. — Editor’s note: This story is available as a result of a content partnership between WFTV and the Orlando Business Journal.
Red Lobster Seafood Co. LLC could attract a buyer more easily if it files for Chapter 11 bankruptcy protection in the near future, said Justin Luna, an Orlando-based business bankruptcy lawyer specializing in cases like Red Lobster’s, though he doesn’t represent the seafood chain.
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In April, Bloomberg reported that the Orlando-based company was on the verge of bankruptcy while CNBC reported the restaurant chain was seeking a buyer. Red Lobster hasn’t confirmed either report.
“Bankruptcy allows you to shed a lot of debt so you can potentially get rid of those leases and continue to operate,” Luna said. “Either that or put the business in a prime position for acquisition.”
Read: Red Lobster is closing dozens of restaurants; is yours on the list?
Click here to read the full story on the Orlando Business Journal’s website.
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