Red Lobster Cuts Executives as High Rents Drag on Turnaround

Red Lobster has cut some of its corporate-level workforce and is working to renegotiate costly leases pressuring its post-bankruptcy plan to return to steady profitability, according to people with knowledge of the matter.

Dozens of low-performing locations have dragged down the company’s overall results, which are little improved from before its bankruptcy last year, said the people, who asked not to be identified discussing private information.

A Red Lobster spokesperson confirmed in an email that the company trimmed 10% of its corporate staff and cut about 200 staff at the restaurant level.

Fortress Investment Group, previously a lender to ...