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
Company wins court ruling to continue development of Michigan factory serving EV industry
GREEN TOWNSHIP, Mich. (AP) — A judge has ordered a Michigan community to stop blocking efforts to br2024-05-21Yokohama F. Marinos edge Shandong in ACL thriller
Shandong Taishan lost to Japanese side Yokohama F. Marinos 2-1 in their AFC Asian Champions League q2024-05-21World benefits from greater China
The 5 millionth vehicle of BMW Brilliance Automotive Ltd is seen in Tiexi district of Shenyang, Nort2024-05-21Xi calls on Chongqing to write its chapter in Chinese modernization
Chinese President Xi Jinping, also general secretary of the Communist Party of China Central Committ2024-05-21Insider Q&A: CIA's chief technologist's cautious embrace of generative AI
Knowledge advantage can save lives, win wars and avert disaster. At the Central Intelligence Agency,2024-05-21Crowding recurs at the Universal Beijing Resort
After China's refining of its COVID-19 response, Beijing has become one of the first cities to h2024-05-21
atest comment