Red Lobster seeks bankruptcy protection after closing some restaurants
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
Not so Cool Britannia! Noel Gallagher gives damning verdict on Keir Starmer
Noel Gallagher has insisted he would still back Tony Blair for PM - as he warned Keir Starmer not to2024-05-21Greater Bay Area Women in Science and Technology Forum Held in Shenzhen
Contact Us HomeNewsHighlightACWF NewsSocietyWom2024-05-21Procuratorate, Federation Host Conference to Help Protect Women, Children's Rights, Interests
Contact Us HomeNewsHighlightACWF NewsSocietyWom2024-05-21Federation Improves Women's Rights
Contact Us HomeNewsHighlightACWF NewsSocietyWom2024-05-21Kate Hudson hits the stage to debut songs from her new album Glorious at star
Kate Hudson looked like a pro as she performed songs from her new album Glorious for the first time.2024-05-21Media Briefing Showcases Achievements in Protection of Mudanjiang Women's Rights
Contact Us HomeNewsHighlightACWF NewsSocietyWom2024-05-21
atest comment