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:
Related suggestion:
Horror as oneDodgers pitcher Emmet Sheehan undergoes seasonTimberwolves force Game 7 by blowing out Nuggets 115Global obesity deaths rise by 50 percent since 2000, major report showsTwo boys, 12, stabbed teenager, 19, to death in park machete attack after victim 'shoulderFederal agency takes control of investigation of fiery train derailment in New MexicoMegalopolis review: Sadly, this may be the great Francis Ford Coppola's MegaVermont to grant professional licenses, regardless of immigration status, to ease labor shortageNHS trust made 'number of failures' in treatment of sixBrazil picked by FIFA to get soccer's 2027 Women's World Cup, a first for South America
1.9263s , 5259.1640625 kb
Copyright © 2024 Powered by Red Lobster seeks bankruptcy protection after closing some restaurants ,World Winds news portal