Red Lobster seeks bankruptcy protection after closing some restaurants
Time:2024-05-21 10:54:32 Source:worldViews(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:California congressman urges closer consultation with tribes on offshore wind
Next:Cruise worker 'murders newborn son on board ship': Shocked co
You may also like
- Lynn Williams breaks NWSL goal
- My widowed 77
- Why Temple Bar backs cheap shares like M&S, BP and Royal Mail: INVESTING SHOW
- I'm a travel writer
- Ben Whishaw lights up the Croisette as he joins his co
- Brutalist
- Apple users are still discovering hidden new features inside iPhone's iOS17
- Four farm silos listed for £200k and they can be converted to a fabulous family home
- The government wants to buy their flood