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
Pope trip to Luxembourg, Belgium confirmed for September, 2 weeks after challenging Asia visit
ROME (AP) — Pope Francis has added a stop in Luxembourg to a trip to Belgium in September, a three-d2024-05-21- The automated dock phase III of Qingdao port in East China's Shandong Province on Wednesday entered2024-05-21
Decade after divorce, woman finds new life on two wheels
Li Dongju poses with four cyclists on a cycling trip to Australia in February 2020. CHINA DAILYCycli2024-05-21R&D seen as key to success of private firms
Enterprises in Shandong's Wucheng county seek innovation-driven growthAt an equipment production lin2024-05-21Biden says Brown v. Board of Education ruling was about more than education
WASHINGTON (AP) — The landmark 1954 Supreme Court ruling that desegregated schools was about more th2024-05-21Chinese mainland resumes import of rockfish from Taiwan
The General Administration of Customs announced the resumption of the import of rockfish from Taiwan2024-05-21
atest comment