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
Target to lower prices on basic goods in response to inflation
Target plans to cut prices on thousands of consumer basics this summer, from diapers to milk, as inf2024-05-21In pics: Snow Town scenic spot in Hailin City, Heilongjiang
This aerial photo taken on Dec. 14, 2022 shows a view of the Snow Town scenic spot in Hailin City in2024-05-21- Visitors take photos at the rose resort in Junzhuangzi village, Shandong province. [Photo provided t2024-05-21
In pics: Snow Town scenic spot in Hailin City, Heilongjiang
This aerial photo taken on Dec. 14, 2022 shows a view of the Snow Town scenic spot in Hailin City in2024-05-21Cruise worker 'murders newborn son on board ship': Shocked co
A cruise worker on board an Italian ship 'murdered her newborn son' as horrified co-workers raised t2024-05-21Xi Sends Congratulatory Letter to Forum on Development of Tibet
Contact Us HomeNewsHighlightACWF NewsSocietyWom2024-05-21
atest comment