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
Who is Jacob Zuma, the former South African president disqualified from next week's election?
JOHANNESBURG (AP) — Former South African President Jacob Zuma was barred Monday from running for Par2024-05-21- A new Chelsea hospitality package worth upwards of £280 per head has sparked fears of antisocial beh2024-05-21
Expanding clergy sexual abuse probe targets New Orleans Catholic church leaders
NEW ORLEANS (AP) — Authorities have expanded an investigation of clergy sexual abuse in the Roman Ca2024-05-21Armed groups besieging towns in northeastern Mali driving residents, many children, to hunger
BAMAKO, Mali (AP) — A humanitarian crisis is worsening in northeastern Mali where armed groups linke2024-05-21I was 'brokefished' by my friend for £400
I need your help. My friend K has been recently telling our friendship group about how dire his fina2024-05-21Huge change to NHS prescriptions kicks in today as pharmacists warn of a 'dark day' for patients
Pharmacists have warned today will be a 'dark day' for patients as the cost of an NHS prescription r2024-05-21
atest comment