The Red Lobster restaurant in Fort Walton Beach is set to close as part of the company’s ongoing bankruptcy restructuring efforts, according to recent court filings.
- Court documents reveal that Red Lobster has identified 23 additional locations across 15 states for shutdown, including the establishment at 326 Miracle Strip Pkwy S.W. in Fort Walton Beach.
This decision follows the court’s approval of the company’s request to terminate unexpired leases for these sites.
According to the filings, Red Lobster sought bankruptcy protection earlier this year as a measure to revitalize its operations. At that time, the seafood chain declared its intention to shutter at least 48 of its 650 restaurants nationwide.
The court documents indicate that Red Lobster, with assistance from its real estate advisor Keen-Summit Capital Partners LLC, has been reviewing and identifying leases “that are likely to continue to drive losses” and should be rejected.
- According to the filings, Red Lobster has determined that these 23 locations, including the Fort Walton Beach restaurant, are ones that the company does “not anticipate needing in order to operate their business going forward.”
This new wave of closures, as stated in the court filings, is intended to bolster Red Lobster’s financial position during its bankruptcy proceedings.
The court documents do not disclose specific dates for the Fort Walton Beach restaurant’s closure or address potential impacts on local employees.
One Response
Said would close the 31st but left its employees unemployed Monday morning…. All these restaurant closures leaving lots of family in a bind it’s sad! They should of took different steps to go about these closures!