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 charg2024-05-21Brazil's president calls for IMF reform to reflect today's world
BRASILIA, March 4 (Xinhua) -- Brazilian President Luiz Inacio Lula da Silva on Monday called for ref2024-05-21AP Week in Pictures: Europe and Africa
April 12-18, 2024Performers take part in the official flame lighting ceremony in Athens in preparati2024-05-21Labour's housing overhaul plan will 'turn the Green Belt into the Grey Belt', Tories claim
Labour's proposed overhaul of the planning system would see swathes of the Green Belt concreted over2024-05-21Medics remove 150 MAGGOTS from a woman's mouth after dental procedure left her with rotting tissue
A team of shocked medics removed 150 maggots from a woman's mouth that had appeared after a dental p2024-05-21Ukraine starts building 2 modern units at Khmelnytskyi nuclear plant
KIEV, April 15 (Xinhua) -- Ukraine's state-run nuclear energy operator Energoatom said on Monday it2024-05-21
atest comment