More details: Found here"Recently, the debtors have faced a number of financial and operational challenges, including a difficult macroeconomic environment, a bloated and underperforming restaurant footprint, failed or ill-advised strategic initiatives, and increased competition within the restaurant industry," Red Lobster CEO Jonathan Tibus said in the 124-page document obtained by USA TODAY Tuesday.
When Tibus was retained as Red Lobster's chief revenue officer on Jan. 11, prior to being named CEO, he said that "it was immediately clear that Red Lobster's performance was deteriorating and had been doing so for several years," according to the filing.
The company posted its full statement on Facebook Tuesday. The post has over 32,000 likes and over 6,000 comments as of Wednesday morning.
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