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
NBA playoffs: Edwards leads Wolves to 98
DENVER (AP) — Anthony Edwards overcame a slow start and the Timberwolves roared back from a 20-point2024-05-21- The owner of the Ford Bronco that led LA cops on a 90-minute slow-speed car chase with O.J. Simpson2024-05-21
Queen Letizia and King Felipe arrive at funeral of Fernando Gomez
Queen Letizia of Spain cut a demure look today as she and her husband King Felipe today arrived at t2024-05-21Thomas Kingston dies aged 45: How the royal family will form a tight circle of support around much
Lady Gabriella Windsor has already felt the immediate support of the wider Royal Family following th2024-05-21Elon Musk gets approval from FDA to implant his Neuralink brain chip into a second patient
Elon Musk’s Neuralink has been given a green light to implant its brain chip in a second patient aft2024-05-21From deep sadness to dazzling pomp, 15 key revelations from the must
IT is the royal biography that made headlines around the world – ‘Charles III: New King, New Court.2024-05-21
atest comment