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:
Musician T Bone Burnett is trading his dystopian sensibilities for some warmADB economist lauds efforts to sustain growthCalifornia is rolling out free preschool. That hasn't solved challenges around child careItaly approves participation in EU naval mission in Red Sea90s rock star, 57, showcases her timeless beauty as she returns to the spotlight after 20Phillies' Turnbull loses noPhillies' Turnbull loses noFemale prison officer reveals what it was like to work in a men's maximum security jail while sevenTori Spelling admits she once put on her son's diaper and PEED in it while stuck in trafficChina activates emergency response to rain, snowstorms amid holiday traffic peak
2.5253s , 6499.0703125 kb
Copyright © 2024 Powered by Red Lobster seeks bankruptcy protection after closing some restaurants ,Culture Capsule news portal