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
Rangers are undefeated at .500 to keep World Series champs from a losing record with Bochy
ARLINGTON, Texas (AP) — The reigning World Series champion Texas Rangers are undefeated this season2024-05-21Questions and grief linger at the apartment door where a deputy killed a US airman
WASHINGTON (AP) — At the apartment door where a Florida deputy shot and killed Senior Airman Roger F2024-05-21Massachusetts is turning a former prison into a shelter for homeless families
BOSTON (AP) — Massachusetts Gov. Maura Healey is turning to a former prison as a temporary safety ne2024-05-21Trump hush money trial: What to know about Michael Cohen's testimony
NEW YORK (AP) — Once Donald Trump’s loyal attorney and fixer, Michael Cohen pointed the finger at hi2024-05-21Supreme Court rejects an appeal from a Canadian man once held at Guantanamo
WASHINGTON (AP) — The Supreme Court on Monday rejected an appeal by a Canadian-born former Guantanam2024-05-21RFK Jr. challenges Donald Trump to debate at Libertarian Convention
COLUMBIA, S.C. (AP) — Robert F. Kennedy Jr. has challenged Donald Trump to a head-to-head debate for2024-05-21
atest comment