"The company said it had more than $1 billion in debt and less than $30 million in cash on hand."

"Red Lobster started in 1968 by Bill Darden, an architect of the casual dining revolution in America, and General Mills soon bought the restaurant. Red Lobster later became part of Darden Restaurants, the owner of Olive Garden and other chains. In 2014, Darden sold off Red Lobster to Golden Gate Capital, a private equity firm, for $2.1 billion. Since 2020, seafood distributor Thai Union Group, based in Thailand, has been the largest Red Lobster shareholder. Thai Union owns 49% of the company."

"...the company in its bankruptcy filing blamed Thai Union for the losses. Noting that under the guise of a “quality review,” Red Lobster eliminated two of its breaded shrimp suppliers, leaving Thai Union with an exclusive deal. That led to higher costs for the restaurant chain, and did not comply with the company’s typical decision-making process for picking suppliers based on projected demand."

"As it ran out of cash, the company stopped paying its vendors last year."

Source: https://edition.cnn.com/2024/05/20/investing/red-lobster-restaurants-bankruptcy/index.html

"...assets and liabilities of $1 billion to $10 billion each in its bankruptcy petition." Source: https://finance.yahoo.com/news/seafood-chain-red-lobster-files-043844918.html