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
NBA playoffs: Edwards leads Wolves to 98
DENVER (AP) — Anthony Edwards overcame a slow start and the Timberwolves roared back from a 20-point2024-05-21McDonald's is dishing out Chicken McNuggets at a discounted price
For the first time ever, McDonald's has reduced the price of boxes of six, nine and 20 Chicken McNug2024-05-21- The Greenbrier Hotel has long enjoyed a reputation as Washington DC elite's favorite vacation spot.B2024-05-21
Last month was officially the hottest March on RECORD with global temperatures 0.73°C above average
With sunbathing opportunities aplenty in the northern hemisphere, it may not come as a surprise. But2024-05-21- Tom Holland enjoyed a post-show cup of tea and proudly waved to fans as he left the Duke of York's T2024-05-21
Podcast pick: The best audio show to listen to now
EVERYTHING I KNOW ABOUT MEIncredible lives. Incredible stories. Incredible people. In the Mail’s com2024-05-21
atest comment