Red Lobster seeks bankruptcy protection after closing some restaurants
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
Why US Catholics are planning pilgrimages in communities across the nation
A long-planned series of Catholic pilgrimages has begun across the United States this weekend, with2024-05-21- BOSTON (AP) — Jack Edwards is retiring after 19 years as the Boston Bruins’ play-by-play announcer,2024-05-21
Taylor Swift's upcoming album The Tortured Poets Department will be promoted with a multi
Taylor Swift's upcoming album The Tortured Poets Department will be promoted with a 'library install2024-05-21Former shoemaker admits he had an illegal gambling operation in his Brooklyn shop
NEW YORK (AP) — A former shoemaker pleaded guilty Tuesday to allegations that he ran an illegal gamb2024-05-21Independent UN experts urge Yemen’s Houthis to free detained Baha'i followers
CAIRO (AP) — Human rights experts working for the United Nations on Monday urged Yemen’s Houthi rebe2024-05-21Zach Werenski scores twice as Blue Jackets beat playoff
COLUMBUS, Ohio (AP) — Zach Werenski had two goals and two assists, Jet Greaves made 38 saves and the2024-05-21
atest comment