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
Revealed: Brit tourist, 19, subjected to sex attack in Majorca 'was gang
A 19-year-old British tourist who was subjected to a horrific sex attack in Majorca 'was gang-raped2024-05-21- Sitting in Sainsbury’s car park with four noisy children, four howling cats in carriers and all the2024-05-21
King Charles speaks to a royal fan about her King Charles spaniel named Camilla at Easter service
King Charles shared a comical exchange with a royal fan about her 17-year-old spaniel named 'Camilla2024-05-21Florida lawmakers pass bill to ban social media for children under 16
By Gabriella Borter for ReutersThe social media bill now goes before Florida Governor Ron DeSantis,2024-05-21Saudi Arabia is going to sponsor the WTA women's tennis rankings under a new partnership
NEW YORK (AP) — Saudi Arabia’s move into tennis will now include a multiyear deal to sponsor the WTA2024-05-21Emily Ratajkowski keeps it comfy in gray sweatpants and hoodie as she catches ride in NYC
It appears Emily Ratajkowski is keeping it casual in the fashion department for at least part of her2024-05-21
atest comment