Red Lobster seeks bankruptcy protection after closing some restaurants
Time:2024-05-21 09:27:46 Source:travelViews(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:Lynn Williams breaks NWSL goal
Next:Revealed: Brit tourist, 19, subjected to sex attack in Majorca 'was gang
You may also like
- Yvette Fielding says her Most Haunted co
- More Services for Elderly Proposed
- Palestinian death toll from Israeli attacks on Gaza rises to 32,226
- Hainan free trade port development in full swing: Governor
- Everybody may love Raymond, but Ray Romano loves Peter Boyle
- Guest Countries of Honor Attract Visitors at 6th CIIE
- Key Meeting Outlines China's Tasks for 2024 Rural Development
- Russia mourns victims of deadly terrorist attack
- Adams, Reyna, Turner, Ream are US concerns ahead of Copa America