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
Bella Hadid goes braless in a thigh
She is one of America's most recognisable fashion models.And Bella Hadid continued to show why she i2024-05-21Tens of thousands of Israelis rally in Tel Aviv demanding Gaza hostage deal
Relatives and supporters of Israeli hostages held in Gaza since the October 7 attacks by Hamas milit2024-05-21Tourism in Brazil up 7.8% in 2023
Published on 19/03/2024 - 11:30 By Agência Brasil - São Paulo2024-05-21South China Sea: US accuses China of 'risky' fighter jet intercepts
Your web browser is no longer supported. To improve your experience update it here2024-05-21Ricky Stenhouse punching Kyle Busch could lead to suspension
NORTH WILKESBORO, N.C. (AP) — Ricky Stenhouse Jr. threw a right hook at Kyle Busch, and suddenly, an2024-05-21China news: Mystery as Xi Jinping unexpectedly skips key speech
Your web browser is no longer supported. To improve your experience update it here2024-05-21
atest comment