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
Philippines blames China for loss of giant clams in disputed shoal and urges environmental inquiry
MANILA, Philippines (AP) — The Philippines blamed Chinese fishermen on Monday for a massive loss of2024-05-21Box office: ‘Challengers’ scores with $15 million in ticket sales
The sexy tennis drama “ Challengers ” won the box office this weekend with $15 million in ticket sal2024-05-21Coleen Rooney gives a glimpse into her £20million Cheshire mansion as she employs a celebrity
Coleen Rooney has shared a glimpse into her luxury mansion in Cheshire, as she shared a video of get2024-05-21Former Spain coach Del Bosque to head the commission overseeing beleaguered soccer federation
MADRID (AP) — Former Spain coach Vicente del Bosque will lead the Spanish government’s commission ov2024-05-21US overdose deaths dropped in 2023, the first time since 2018
NEW YORK (AP) — The number of U.S. fatal overdoses fell last year, according to Centers for Disease2024-05-21PGA Tour goes to Dallas for same course and new title. LIV Golf plays in Singapore
PGA TOURTHE CJ CUP BYRON NELSONSite: McKinney, Texas.Course: TPC Craig Ranch. Yardage: 7,414. Par: 72024-05-21
atest comment