Red Lobster has closed at 8533 Georgia Avenue at Downtown Silver Spring. The seafood restaurant chain announced late Sunday night that it is filing for Chapter 11 bankruptcy. "This restructuring is the best path forward for Red Lobster," CEO Jonathan Tibus said in a statement. "It allows us to address several financial and operational challenges and emerge stronger and re-focused on our growth. The support we've 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." As part of its bankruptcy filings, Red Lobster will close some locations, sell some - or potentially all - of its assets, and sell its business to a new entity "formed and controlled by its existing term lenders."
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