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
'Constantly learning' Imanaga off to impressive start with the Chicago Cubs
CHICAGO (AP) — The road for Shota Imanaga from Japan to the major leagues included at least one shar2024-05-21'Devil in the details' when considering biofuels
A study has suggested that canola crops in Canterbury could be used to produce biofuels for use duri2024-05-21Israeli military says troops captured hundreds of fighters in Gaza hospital
A woman who fled with others the Al-Shifa hospital and its vicinity in Gaza City reacts as she sits2024-05-21Few voters globally worried about climate change
According to a global Ipsos survey, just 18 percent of people say climate change is a top-three conc2024-05-21NBA playoffs: Edwards leads Wolves to 98
DENVER (AP) — Anthony Edwards overcame a slow start and the Timberwolves roared back from a 20-point2024-05-21Pope Francis calls for ceasefire in Gaza and Ukraine in Easter message
By Thomas Mackintosh, BBC NewsPope Francis leads the Easter Mass at St Peter's Square. Photo: AFP/Va2024-05-21
atest comment