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:
Long flu season winds down in USDenise Welch confirms she's moved house after knifeWelcome to stench ground zero: The village where an unspeakable twoBenjamin Mendy has bankruptcy case dismissed: ExChinese astronauts return to earth after six months in spaceImmigrant's $1.3B Powerball win spotlights the Iu Mien communityFCC fines wireless carriers for sharing user locations without consentPGA Tour goes to Dallas for same course and new title. LIV Golf plays in SingaporeG7 nations commit to phasing out coal by 2035 but give Japan some flexibilityTunisian opposition wants political prisoners freed before taking part in presidential election
2.3338s , 6502.0078125 kb
Copyright © 2024 Powered by Red Lobster seeks bankruptcy protection after closing some restaurants ,Earth Edges news portal