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
Dodgers acquire pitcher Yohan Ramírez from Mets for cash
LOS ANGELES (AP) — The Los Angeles Dodgers acquired pitcher Yohan Ramírez from the New York Mets for2024-05-21Chinese paddlers continue winning streak at WTT Champions Incheon
Chinese paddlers dominated the WTT Champions Incheon as all seven players secured their places in th2024-05-21Real favorites but Bayern a big threat in UCL return leg
Real Madrid entertain Bayern Munich in the second leg of their Champions League semifinal on Wednesd2024-05-21States with abortion bans saw greater drops in medical school graduates applying for residencies
Fewer U.S. medical school graduates are applying to residency programs, but the drop is more strikin2024-05-21Why US Catholics are planning pilgrimages in communities across the nation
A long-planned series of Catholic pilgrimages has begun across the United States this weekend, with2024-05-21Wang/Sun win mixed doubles at WTT 2024 Saudi Smash
Chinese pair Wang Chuqin and Sun Yingsha won the mixed doubles title with ease at the 2024 World Tab2024-05-21
atest comment