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:
Related suggestion:
China's top legislature to strengthen recording, review of normative documentsShanghai airports see surge in inbound foreign travelers in Q1Maine is the latest to join an interstate compact to elect the president by popular voteThe pilots union at American Airlines says it's seeing more safety and maintenance issuesHow 'dream life' TV familyAudit cites potential legal violations in purchase of $19,000 lectern for Arkansas governorPadres sign veteran infielder Donovan Solano to minor league dealOver 11 million Chinese people benefit from major disease insuranceSabalenka to face good friend Badosa in Stuttgart openerRandal Gaines defeats Katie Bernhardt to become new chair of Louisiana Democratic Party
2.8056s , 6604.1796875 kb
Copyright © 2024 Powered by Red Lobster seeks bankruptcy protection after closing some restaurants ,Earthly Echo news portal