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:
Security corridor shields Türkiye from terrorism: presidentGen Zs' latest obsession of 'antiEmma Roberts fans GUSH over her 'iconic' and 'magical' $3.6 MILLION 'grownDeborah Cox, 49, dazzles in a silver sequin gown as she glams up at starGisele Bundchen shows off her figure in a tiedZardari wins Pakistan's presidential electionDays Of Our Lives sees THREE old faces from the 1980s RETURNZardari wins Pakistan's presidential electionJury selection in Trump hush money trial faces pivotal stretch as former president returns to courtZion Williamson is ruled OUT of the Pelicans' NBA play
2.9257s , 4665.8359375 kb
Copyright © 2024 Powered by Red Lobster seeks bankruptcy protection after closing some restaurants ,Global Grid news portal