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
Celebrity birthdays for the week of May 26
Celebrity birthdays for the week of May 26-June 1:May 26: Sportscaster Brent Musburger is 85. Drumme2024-05-21New Jersey Devils forward Timo Meier has post
NEWARK, N.J. (AP) — New Jersey Devils leading scorer Timo Meier has had elective arthroscopic surger2024-05-21Activists interrupt Chinese ambassador's Harvard speech — Radio Free Asia
A protester who loudly disrupted a speech at Harvard by Chinese Ambassador Xie Feng on the eve of a2024-05-21Athens skies turn an orange hue with dust clouds from North Africa
ATHENS, Greece (AP) — Skies over southern Greece turned an orange hue on Tuesday as dust clouds blow2024-05-21Ship that caused Baltimore bridge collapse has been refloated
BALTIMORE (AP) — The container ship that caused the deadly collapse of Baltimore’s Francis Scott Key2024-05-21Child care crisis: High daycare cost hurts moms without college degree
AUBURN, Wash. (AP) — After a series of lower-paying jobs, Nicole Slemp finally landed one she loved.2024-05-21
atest comment