Red Lobster seeks bankruptcy protection after closing some restaurants
Red Lobster, the casual dining chain that brought seafood to the masses with inventions like popcorn shrimp and “endless” seafood deals, has filed for Chapter 11 bankruptcy protection.
The 56-year-old chain made the filing late Sunday, days after shuttering dozens of restaurants.
“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,” said Red Lobster CEO Jonathan Tibus, a corporate restructuring expert who took the top post at the chain in March.
Red Lobster said it will use the bankruptcy proceedings to simplify its operations, close restaurants and pursue a sale. As part of the filings, Red Lobster has entered into a so-called “stalking horse” agreement, meaning it plans to sell its business to an entity formed and controlled by its lenders.
Related articles
Cruise worker 'murders newborn son on board ship': Shocked co
A cruise worker on board an Italian ship 'murdered her newborn son' as horrified co-workers raised t2024-05-21Trilateral talks to bolster ties
A trilateral meeting among the leaders of China, Japan and the Republic of Korea is expected to be h2024-05-21- (ECNS) -- Indonesianpresident-elect Prabowo Subianto's visit to China has shown the world how import2024-05-21
Xi extends condolences to Russia
Moscow citizens lay flowers and mourn for victims at Crocus City Hall concert venue in the northwest2024-05-21Travis Kelce downs whiskey shot on slice of bread at Kelce Jam without Taylor Swift
Travis Kelce was spotted taking a whiskey shot from a slice of bread in true southern fashion as he2024-05-21Trilateral talks to bolster ties
A trilateral meeting among the leaders of China, Japan and the Republic of Korea is expected to be h2024-05-21
atest comment