Red Lobster seeks bankruptcy protection after closing some restaurants
Time:2024-05-21 07:42:03 Source:styleViews(143)
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.
Previous:Target to lower prices on basic goods in response to inflation
Next:Hollywood star Shia LaBeouf is spotted on the streets of Gavin and Stacey's hometown Barry
You may also like
- Storms damage homes in Oklahoma and Kansas. But in Houston, most power is restored
- VOX POPULI: Early spring fills us with regret at missing out on winter’s charms
- Shi Fu Miz 2023: Hong Kong music & art festival returns to Cheung Chau farm, expands to 3 days
- SWAT team pulls suspect out of car after standoff in grocery store parking lot
- Hall of Fame outfielder Ken Griffey Jr. to lead Indianapolis 500 field in Corvette pace car
- ASEAN summit: Myanmar community asks Parliament to block junta representatives
- VOX POPULI: Leadership skills of the past are missing in the politics of today
- Public servants want to know if management positions will be on the chopping block
- Amir Khan's £11.5m luxury wedding venue finally hosts its first marriage: Bride arrives on horse