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
Yvette Fielding says her Most Haunted co
Yvette Fielding claims her Most Haunted co-star Derek Acorah was a fake who tried to grope and kiss2024-05-21How has the Met Gala come to this? Rita Ora and Doja Cat lead starlets going semi
An invite to the Met Gala chaired by Anna Wintour - US Vogue's formidable editor-in-chief - should b2024-05-21- World No. 12 Kyren Wilson clinched the world champion title for the first time after beating qualifi2024-05-21
Rita Ora coyly covers her breasts as she and husband Taika Waititi return to their hotel at 5am
She'd already stunned with her scantily-clad outfits at the annual Met Gala, flaunting her figure in2024-05-21Siblings trying to make US water polo teams for Paris Olympics
WALNUT, Calif. (AP) — Chase Dodd started swimming when he was just a kid. Once he began playing wate2024-05-21Electricity from clean sources reaches 30% of global total
Billions of people are using different kinds of energy each day and 2023 was a record-breaking year2024-05-21
atest comment