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
What's next for Iran after death of its president in crash?
JERUSALEM (AP) — The death of Iran’s president is unlikely to lead to any immediate changes in Iran’2024-05-21Denise Welch confirms she's moved house after knife
Denise Welch has moved house after she was targeted by a stalker who started a fire in a skip on her2024-05-21Scammers stole more than $3.4 billion from older Americans last year, an FBI report says
WASHINGTON (AP) — Scammers stole more than $3.4 billion from older Americans last year, according to2024-05-21Remote Lake Superior island wolf numbers are stable but moose population declining, researchers say
Researchers forced to cut short an annual survey of wildlife on a remote Lake Superior island this w2024-05-21Uber and Lyft say they'll stay in Minnesota after Legislature passes driver pay compromise
ST. PAUL, Minn. (AP) — Uber and Lyft plan to keep operating in Minnesota after the state Legislature2024-05-21Bizarre moment yacht gets wedged underneath railway arches while being carried on a low
Surprised motorists were caught off guard in Essex after realising an obstruction ahead was not caus2024-05-21
atest comment