Bourbonnais, IL – The Red Lobster in Bourbonnais is in danger of closing as the restaurant chain struggles with substantial debt and bankruptcy proceedings.
According to court filings last week, Red Lobster’s plan to shutter several dozen more restaurants could impact its Bourbonnais location at 1604 N. State Road, Route 50. The seafood chain, which filed for bankruptcy last month, reported over $1 billion in debt and limited cash reserves. If the court approves the closures, the future of the Bourbonnais location will hinge on renegotiating its lease agreements. Red Lobster has already closed around 50 locations nationwide earlier this year.
A full list of all locations cited for closure on Thursday, emphasizing the widespread impact across the United States. The iconic Times Square location in New York is also listed among the potential closures. These closures are part of a broader strategy to sell the business to its lenders, who will then provide the necessary financing to keep the remaining locations operational.
Red Lobster, known for making seafood accessible to middle-class America, faces significant challenges as it attempts to navigate its financial difficulties. The future of nearly 600 restaurants hangs in the balance as the company works to stabilize its operations amid mounting debt.
