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
Socialite Jasmine Hartin enjoys beach snuggle with electrician hunk
Socialite Jasmine Hartin has been seen enjoying a beach snuggle with her new mystery man.Ms Hartin w2024-05-21General Motors reports strong first
DETROIT (AP) — Despite a small dip in U.S. vehicle sales, General Motors’ first-quarter net income r2024-05-21Maine's governor signs bill to protect providers of abortion, gender
AUGUSTA, Maine (AP) — Maine’s Democratic governor has signed a bill designed to protect providers of2024-05-21Family pay tribute to 'incredible mother and cherished daughter' who was found dead at luxury five
The grieving family of an 'incredible mother' who was found dead at luxury five-star hotel has haile2024-05-21Candice Swanepoel stuns in a form
Candice Swanepoel looked incredible as she arrived at the 77th annual Cannes Film Festival premiere2024-05-21Red Sox 1B Triston Casas out indefinitely with broken rib suffered on hard swing at plate
CLEVELAND (AP) — Boston Red Sox first baseman Triston Casas is out indefinitely after breaking a rib2024-05-21
atest comment