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:
More GOP states challenge federal rules protecting transgender studentsJudge: Alabama groups can sue over threat of prosecution for helping with abortion travelMan who went THREE months without a bowel movement had hardened waste stuck in his colonActivist says US congressman knocked cellphone from her hand as she asked about IsraelHouse prices flat in April says Halifax, but buyers seek cheaper homes due to rising mortgage ratesJennifer Lopez demands her 16Georgia governor signs budget boosting spending, looking to surplus billions to cut taxes in futureWhy the verdict in New Hampshire's trial over youth center abuse is being disputedNorris beats Verstappen for maiden F1 victoryBody of last missing victim recovered from Baltimore Key Bridge collapse site
2.9513s , 6496.921875 kb
Copyright © 2024 Powered by Red Lobster seeks bankruptcy protection after closing some restaurants ,Global Grooves news portal