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:
'HELP' sign on beach points Navy and Coast Guard aviators to men stuck on Pacific atollWrexham eyes another promotion, this time to 3rd tier of English soccerThe return of horseWhat to expect in Alabama's congressional primary runoffsForsberg gets 10th career hat trick, sets Nashville scoring record as Predators beat Blackhawks 5Golden Knights beat Wild 7Republican Sen. Rick Scott softens his abortion position after Florida Supreme Court rulingDonovan Mitchell scores 33 points, Cavaliers clinch playoff spot with 129California court affirms Kevin McCarthy protege's dual candidacies on state ballotJudge in Trump’s classified files case agrees to protect witness identities
2.6749s , 6498.953125 kb
Copyright © 2024 Powered by Red Lobster seeks bankruptcy protection after closing some restaurants ,Culture Compass news portal