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:
Greta Thunberg is detained by cops as proSchools turn to artificial intelligence to spot guns as companies press for state fundsUK foreign secretary David Cameron says halting arms sales to Israel would strengthen HamasHotel union workers end strike against Virgin Hotels Las Vegas with contract talks set for TuesdayBrawl breaks out after New York City tops Toronto 3Republican Vermont Gov. Phil Scott is running for reelection to 5th termWe'll call the midwives to give whooping cough vaccinations to babies, say Labour's Wes StreetingLotus Lantern Festival draws thousands in Seoul to celebrate upcoming Buddha's birthdayDAN HODGES: Keir Starmer has sold his soul to hardWhat to know about Michael Cohen, the central witness in Trump's hush money trial
2.8607s , 6499.6171875 kb
Copyright © 2024 Powered by Red Lobster seeks bankruptcy protection after closing some restaurants ,Planet Pulse news portal