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
Bella Hadid goes braless in a thigh
She is one of America's most recognisable fashion models.And Bella Hadid continued to show why she i2024-05-21Wine in bed, skiing to the pub
Wine in bed, skiing to the pub, shots at lunchtime, dinner in the lift - and breathtaking views. Wel2024-05-21What it's REALLY like to au pair for the uber rich: 24
An au pair to the super rich has opened up about some of the perks of the job, which include flying2024-05-21My six nights in the Loire... for the price of a bottle of Sancerre: Here's how the home
'It’s like dating… but with your house, not your heart,' is how one fan of home-swapping holidays su2024-05-21- DENVER (AP) — The Denver Nuggets couldn’t quiet an epic second-half comeback by Minnesota or the noi2024-05-21
Mother's shock after pub she'd visited for eight years cancelled her Sunday meal booking
A mother has spoken of her anger after a pub accepted her booking for a Sunday meal – but then cance2024-05-21
atest comment