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
Devout Christian doctor, 68, who punched dementia
An 'arrogant' doctor who punched a vulnerable patient for making a racist comment and spitting at hi2024-05-21China, Kazakhstan pledge to deepen pragmatic cooperation
Chinese Vice Premier Liu Guozhong visited Kazakhstan from Wednesday to Friday and met with Kazakh Pr2024-05-21Chinese lawmakers to deliberate various law drafts at upcoming session
At an upcoming legislative session, China's national lawmakers will deliberate on law drafts reg2024-05-21A list of pro golfers to be arrested during a tournament
Scottie Scheffler’s arrest hours before his second-round tee time at the PGA Championship in Louisvi2024-05-21Jon Wysocki dead at 53: Staind drummer passes away
The music world is in mourning this Sunday, with word that original Staind drummer Jon Wysocki passi2024-05-21Judge says South Carolina can enforce 6
COLUMBIA, S.C. (AP) — A state judge has ruled that South Carolina can continue to enforce a ban on n2024-05-21
atest comment