Red Lobster seeks bankruptcy protection after closing some restaurants
Time:2024-05-21 15:06:55 Source:businessViews(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:Student fatally shot, suspect detained at Georgia's Kennesaw State University
Next:Inquiry slams UK authorities for failures that killed thousands in infected blood scandal
You may also like
- Pentagon vows to keep weapons moving to Ukraine as Kyiv faces a renewed assault by Russia
- SZA and Keke Palmer are set to star in a buddy comedy from producer Issa Rae
- The Simpsons producer apologizes to fans for killing off long
- Eddie Murphy's The Pickup set crash saw two stunt vehicles collide and roll off the road
- Yu Darvish extends scoreless innings streak to 25 in Padres' 9
- Ober stays hot, Santana homers to help Twins beat Angels 5
- Woman, 19, goes to meet man, 29, after striking up romance online
- Joey Ortiz homers, drives in 4 runs, including winner in the 11th inning, as Brewers top Yankees 7
- Tom Brady and Jay