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
Hall of Fame outfielder Ken Griffey Jr. to lead Indianapolis 500 field in Corvette pace car
INDIANAPOLIS (AP) — Hall of Fame outfielder Ken Griffey Jr. will drive the pace car for the 108th ru2024-05-21Draft rules to improve data security released
The People's Bank of China. [Photo/VCG]China's central bank released draft rules on Monday to streng2024-05-21Antique book archive inaugurated in Beijing
BEIJING, April 14 (Xinhua) -- An archive with a collection of more than 40,000 antique books has bee2024-05-21China Focus: Vibrant festival highlights cultural charm of various Chinese ethnic groups
Artists perform in celebration of the Sanyuesan Festival at an alley in Nanning, south China's Guang2024-05-21Lynn Williams breaks NWSL goal
Lynn Williams scored her 79th league goal, becoming the National Women’s Soccer League all-time scor2024-05-21Xi says ready to join president of the Republic of the Congo for stronger strategic partnership
Chinese President Xi Jinping exchanged congratulations on Thursday with President Denis Sassou Ngues2024-05-21
atest comment