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
- Cancer-stricken King Charles will be feeling fresh heartache after a former IRA commander confessed2024-05-21
Enjoy last night's solar eclipse? How to tell if it could have PERMANENTLY damaged your eyes
It was dubbed the biggest astronomical event of the decade. An estimated 32million people enjoyed on2024-05-21Woman's rare disease causes 20
A woman with a rare genetic disease that affects 0.03 percent of people in the world has developed a2024-05-21Podcast pick: The best audio show to listen to now
EVERYTHING I KNOW ABOUT MEIncredible lives. Incredible stories. Incredible people. In the Mail’s com2024-05-21Independent UN experts urge Yemen’s Houthis to free detained Baha'i followers
CAIRO (AP) — Human rights experts working for the United Nations on Monday urged Yemen’s Houthi rebe2024-05-21Children addicted to tech including smartphones are more at risk of psychosis, study suggests
Children addicted to smartphones, iPads and video games are more likely to suffer psychotic episodes2024-05-21
atest comment