Bloomberg: Red Lobster considering bankruptcy (potential gift card warning)

[ctujackbauer]

All of the news reports are citing Bloomberg as the source of bankruptcy talks because it hired a bankruptcy advisor. Link here:
Red Lobster Considers Bankruptcy to Deal With Leases and Labor Costs

It is currently unknown if gift cards will be still be available to be used with a new owner or post-bankruptcy, but recent bankruptcies have let consumers use their gift cards unless it’s a Souplantation situation (where it closed down all locations during the pandemic and never reopened.)

Red Lobster was acquired by Golden Gate Capital in a private equity buyout from Darden Restaurants, and is currently owned by Thai Union Group.