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
As the Glastonbury 2024 lineup is announced, AI reveals the ultimate headliners
The moment that Glastonbury fans have been waiting for finally arrived this morning, as the full lin2024-05-21- When you think of Bali, the most popular Indonestian island, you imagine a tropical paradise home to2024-05-21
- Some of our best content can be a bit tricky to find. Here are the links to our main channels, our b2024-05-21
Elon Musk gets approval from FDA to implant his Neuralink brain chip into a second patient
Elon Musk’s Neuralink has been given a green light to implant its brain chip in a second patient aft2024-05-21A nation of explorers? Poll reveals that nearly a quarter of Brits have never even visited SCOTLAND
Britain has produced some of the world's greatest explorers, but Captain James Cook and Francis Drak2024-05-21
atest comment