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
Sweden 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 championsh2024-05-21Book of Xi's Discourses on Work for Women, Children Published
Contact Us HomeNewsHighlightACWF NewsSocietyWom2024-05-21Xiplomacy: Chinese President Corresponds with Belgian Zookeeper over Pandas, Friendship
Contact Us HomeNewsHighlightACWF NewsSocietyWom2024-05-21- Paragliders over Longyin Mountain in Southwest China's Guizhou province. CHINA DAILYGuizhou offers s2024-05-21
Kevin Pillar gets 1,000th career hit in Angels' win at Texas
ARLINGTON, Texas (AP) — Kevin Pillar tucked a keepsake ball into his bag from his 1,000th career hit2024-05-21Xi Visits Wuliangsu Lake in China's Inner Mongolia
Contact Us HomeNewsHighlightACWF NewsSocietyWom2024-05-21
atest comment