Popular restaurant chain plans to file Chapter 11 bankruptcy
The iconic casual restaurant chain reportedly prepares to file for Chapter 11 bankruptcy.
The restaurant sector faced severe distress in 2024 with several major dining chains filing for bankruptcy.
Popular casual chain Red Lobster filed for Chapter 11 in May 2024 with about $300 million in debt, while another iconic chain TGI Friday's filed for bankruptcy in November 2024 with $150 million in debt.
