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:
The Dolphins add pass rushing depth in the NFL draft and address their need at receiverThe Cowboys passed on running back in the NFL draft. A reunion with Ezekiel Elliott might be nextSophie Trudeau gives Meghan the cold shoulder: ExMeet the littleALEXANDRA SHULMAN'S NOTEBOOK: Prohibition of fun? It will never be a winner, RishiBrendan Steele wins LIV Golf Adelaide tournament from fastGuler goal gives muchThe Bo Nix era begins in Denver, and the Broncos also drafted his top target at OregonLeBron scores 30, and the Lakers avoid 1stWang Shun qualifies for Paris Olympics
0.1136s , 6604.375 kb
Copyright © 2024 Powered by Red Lobster seeks bankruptcy protection after closing some restaurants ,International Ink news portal