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:
Greta Thunberg is detained by cops as proSir Keir Starmer's chief of staff Sue Gray courts spies over crackdown on Moscow, Iran and ChinaLondon's faltering 'nightConnecticut Democrats unanimously nominate U.S. Sen. Chris Murphy for a third termFrench star halts Eurovision rehearsal in Israel protestWhat to know about Michael Cohen, the central witness in Trump's hush money trialSophia Smith contributes to 4 goals as the Portland Thorns beat Seattle Reign 4Cannes Film Festival is set to kick off. What you need to knowWe'll call the midwives to give whooping cough vaccinations to babies, say Labour's Wes StreetingBrawl breaks out after New York City tops Toronto 3
2.4349s , 6500.546875 kb
Copyright © 2024 Powered by Red Lobster seeks bankruptcy protection after closing some restaurants ,Global Grandeur news portal