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
Shooting injures 2 at Missouri high school graduation ceremony
CAPE GIRARDEAU, Mo. (AP) — Two people were injured when gunfire broke out during a high school gradu2024-05-21Mainland urges Taiwan to publish truth of fatal boat incident
BEIJING, Feb. 21 (Xinhua) -- A spokesperson for the Chinese mainland on Wednesday urged Taiwan to ma2024-05-21Saudi Arabia extends voluntary cut of oil production
RIYADH, March 3 (Xinhua) -- Saudi Arabia announced on Sunday the extension of its voluntary cut of o2024-05-21- PHILAELPHIA (AP) — Alec Bohm’s first homer of the game was hit the opposite way into the right-field2024-05-21
French sports minister calls for sanctions after Monaco player tapes over anti
PARIS (AP) — France’s sports minister has called for soccer club Monaco to be sanctioned after one o2024-05-21Music legend reveals they are working on tell
Lulu has revealed she is working on a tell-all autobiography ahead of her Glastonbury set in June.It2024-05-21
atest comment