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
College baseball notebook: Conference tournaments to decide NCAA automatic bids and many at
The field for the NCAA baseball tournament will take shape this week with conference tournaments det2024-05-21Chinese firm obtains country's 1st passenger drone production certificate
(Xinhua) 13:58, April 09, 2024Visitors check out an autonomous aerial vehicle from EHang during the2024-05-21Unmasking the reality behind US economic data
(Chinadaily.com.cn) 09:38, December 22, 2023The US economic data for the first three quarters of 2022024-05-21China pilots foreign equity limit removal in value
(Global Times) 15:37, April 11, 2024The Ministry of Industry and Information Technology (MIIT) on We2024-05-21Insider Q&A: CIA's chief technologist's cautious embrace of generative AI
Knowledge advantage can save lives, win wars and avert disaster. At the Central Intelligence Agency,2024-05-21- (Xinhua) 09:53, April 10, 2024HANGZHOU, April 9 (Xinhua) -- Ningbo-Zhoushan Port in east China's Zhe2024-05-21
atest comment