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
Ricky Stenhouse punching Kyle Busch could lead to suspension
NORTH WILKESBORO, N.C. (AP) — Ricky Stenhouse Jr. threw a right hook at Kyle Busch, and suddenly, an2024-05-21Boeing jet loses engine cover during takeoff
The cowling comes off a Boeing 737-800. Photo: ABC / X2024-05-21'Devastated': Widow pleads for late husband’s dream to be realised
Denise Sturt holds a photo of her late husband Charles, who advocated for the new skatepark which ha2024-05-21Indigenous deaths in custody haunt Australia
By Hannah Ritchie, BBC News, SydneyA coroner's findings into Steven Nixon-McKellar's death will soon2024-05-21Philippines blames China for loss of giant clams in disputed shoal and urges environmental inquiry
MANILA, Philippines (AP) — The Philippines blamed Chinese fishermen on Monday for a massive loss of2024-05-21Finnish police say bullying was motive for school shooting
Police tape cordons off the Viertola School in Vantaa after a 12-year-old opened fire inside the sch2024-05-21
atest comment