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
Investigators return to Long Island home of Gilgo Beach serial killing suspect
MASSAPEQUA PARK, N.Y. (AP) — Investigators returned Monday to the home of a New York architect charg2024-05-21Bamboo dance competition held at middle school in Hainan
Students participate in a bamboo dance competition at Baoting Middle School in Baoting Li and Miao A2024-05-21Xinhe County in Hebei promotes handmade dried noodles to raise income
A villager arranges handmade noodles at Wangteng Village of Xinhe County, north China's Hebei Provin2024-05-21Enlighten Festival held in Canberra, Australia
A girl poses for photos with colorful lights during the Enlighten Festival in Canberra, Australia, F2024-05-21Sweden 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 championsh2024-05-21Silk Road film festival opens in NW China
Performance is seen during the opening ceremony of the 7th Silk Road International Film Festival in2024-05-21
atest comment