Red Lobster seeks bankruptcy protection after closing some restaurants
Time:2024-05-21 06:38:54 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:What's next for Iran after death of its president in crash?
Next:US overdose deaths dropped in 2023, the first time since 2018
You may also like
- Philippines blames China for loss of giant clams in disputed shoal and urges environmental inquiry
- ACWF Holds Symposium to Study, Implement Spirit of General Secretary Xi Jinping's Important Speech
- China to Launch Law Popularization Campaign Aimed at Rural Women
- ACWF Holds Conference to Study, Implement Spirit of 20th CPC National Congress
- Who is Jacob Zuma, the former South African president disqualified from next week's election?
- ACWF Raises Funds and Supplies for Flood Control, Disaster Relief in Henan
- Shen Yueyue Stresses High
- ACWF Holds a Series of Activities to Promote Good Family Traditions of the Revolutionaries
- 'The Apprentice,' about a young Donald Trump, premieres in Cannes