These Restaurant Chains Are Closing Down

Red Lobster

Red Lobster’s downward spiral dates back to 2013 when rumors of the company’s low credit score first surfaced online. The seafood giant quickly silenced naysayers by opening more outlets in the summer of that year. However, like every other restaurant on our list, the Red Lobster stores suffered a significant downturn in traffic in the wake of the pandemic. In August 2020, the company’s management predicted the mass closure of more than 650 stores countrywide. Things don’t seem to be getting better soon with their $350 million loan due to mature in the summer of 2021.