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
Sweden beats France, Britain relegated after losing to Norway at hockey worlds
PRAGUE (AP) — Sweden beat France 3-1 to preserve a perfect record at the ice hockey world championsh2024-05-215 workers dead, 49 still missing after a building under construction collapsed in South Africa
CAPE TOWN, South Africa (AP) — Rescue teams worked through the night searching for dozens of constru2024-05-21What are tactical nuclear weapons and why did Russia order drills?
Russia’s Defense Ministry said Monday that the military would hold drills involving tactical nuclear2024-05-21- NEW YORK (AP) — A Monday deadline for pro-Palestinian protesters to leave an encampment at Massachus2024-05-21
Amtrak train hits pickup truck in upstate New York, 3 dead including child
NEW YORK (AP) — A child was among the three victims killed when a passenger train hit a pickup truck2024-05-21Chinese company breaks ground on Serbia's National Stadium
BELGRADE, May 1 (Xinhua) -- A groundbreaking ceremony for the construction of Serbia's National Stad2024-05-21
atest comment