Red Lobster Files for Bankruptcy. More NJ, PA locations closing?

I figured this was coming. I'm sure you did too.

Red Lobster has filed for bankruptcy

Just a few days after seafood chain, Red Lobster, abruptly closed 87 of its locations throughout the U.S., to the surprise of many, the company has officially filed for bankruptcy, according to CNN.

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At one time, Red Lobster was the biggest seafood chain restaurant in the world. Now, it's struggling to turn a profit. It's more than $1 billion in debt. Wow.

Red Lobster's Endless Shrimp Promotion led to a $11 million loss

The loss in revenue has to do with competition, bad marketing decisions (the endless shrimp promotion lost the company $11 million), food prices soaring due to inflation, and mismanagement, the article states.

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The CEO, Jonathan Tibus, a restructuring expert brought onboard earlier this year said, "This restructuring is the best path forward for Red Lobster. It allows us to address several financial and operational challenges and emerge stronger and re-focused on our growth. The support we received from our lenders and vendors will help ensure that we can complete the sale process quickly and efficiently while remaining focused on our employees and guests."

NY, NJ and PA all had Red Lobster Locations Shut Down

A week ago, New Jersey lost 4 of its 15 locations. The restaurants shut down were Lawrenceville, Bridgewater, East Brunswick, and Ledgewood.

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The remaining locations in New Jersey are in Cherry Hill, Delran, Iselin, Mays Landing, Paramus, Secaucus, South Plainfield, Toms River, Union, Vineland, Wayne, and Woodbury.

It seems as if Pennsylvania faired better in the closings with only the Erie location being shut down, out of 31 locations throughout the state.

Click here to see the New York locations now closed.

Remaining Red Lobster locations will stay open during bankruptcy proceedings

During the bankruptcy proceedings, the plan is for the remaining restaurants to stay open and operate as normal. The company is working with its vendors to make sure the rest of the restaurants can be run smoothly.

UPDATED: Memorial Day Parades in New Jersey 2024 (alphabetical)

New Jersey remembers those who made the ultimate sacrifice on Memorial Day with parades, solemn services, reenactments and fairs. Most events take place Monday, May 27 unless otherwise noted and are subject to change without notice here.

Add your community's parade to our list with an email to dan.alexander@townsquaremedia.com

Gallery Credit: Dan Alexander

Here's Jason Kelce's $2.2 Million Beach House in Sea Isle City, New Jersey

Ever since Jason Kelce made his emotional retirement announcement, the former Eagles Center has embraced the post-football life. Having grown up in Ohio and playing College Football at the University of Cincinnati, some would think Jason Kelce would spend his post-career years back at home, but he has chosen to live in New Jersey.

Thanks to his wife Kylie growing up in the Suburban Philadelphia area and playing his entire NFL career for the Eagles, Jason Kelce has now planted his life here in Eagles Country. After vacationing in Sea Isle City for years, the Kelces have purchased a Beach House in South Jersey. Makes sense considering Sea Isle City is one of the 50 Best Places to Retire in New Jersey and one of the best towns to live in Cape May County.

Reportedly sold for $2.2 Million right off the boardwalk, check out Jason Kelce's Sea Isle City Beach House

Gallery Credit: Josh Hennig/Townsquare Media