Red Lobster seeks bankruptcy protection after closing some restaurants
Time:2024-05-21 18:32:52 Source:worldViews(143)
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.
You may also like
- Uber and Lyft say they'll stay in Minnesota after Legislature passes driver pay compromise
- Havertz scores 2 as Arsenal routs Chelsea 5
- English singer Tom Grennan promises 'big risks' with daring new album ahead of Australian tour
- The EU will probe whether China is unfairly denying companies access to its medical devices market
- 'Constantly learning' Imanaga off to impressive start with the Chicago Cubs
- TikTok may be banned in the US. Here's what happened when India did it
- Moment out
- Nikola Jokic's brother appears to PUNCH a fan in the face after Nuggets' comeback win over Lakers
- Why US Catholics are planning pilgrimages in communities across the nation