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 inf2024-05-21'No tourists, no hipsters': Anti
The sprawling anti-tourism drive seen across several sunny destinations in Europe has spread to Athe2024-05-21Suburban life of China spy suspects as neighbours say one 'keeps himself to himself'
The neighbours of a Hong Kong spy suspect have given an insight into his life as the Foreign Office2024-05-21Suburban life of China spy suspects as neighbours say one 'keeps himself to himself'
The neighbours of a Hong Kong spy suspect have given an insight into his life as the Foreign Office2024-05-21OpenAI pauses ChatGPT voice after Scarlett Johansson comparisons
NEW YORK (AP) — OpenAI says it plans to halt the use of one of its ChatGPT voices after some users s2024-05-21Ontario will suspend driver’s licenses for convicted car thieves for at least 10 years
TORONTO (AP) — Canada’s most populous province announced Tuesday it will suspend driver’s licenses f2024-05-21
atest comment