Red Lobster seeks bankruptcy protection after closing some restaurants
Time:2024-05-21 07:02:12 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:Pentagon vows to keep weapons moving to Ukraine as Kyiv faces a renewed assault by Russia
Next:‘The Blue Angels,’ filmed for IMAX, puts viewers in the ‘box’ with the elite flying squad
You may also like
- Analysis: Larson enters conversation with Verstappen as best drivers in the world
- Yemeni security forces deploy in Aden as anger simmers over lengthy power outages
- House signs off on FAA bill that addresses aircraft safety and the refund rights of passengers
- Remains of Michigan soldier killed in 1950 during Korean War have been identified, military says
- Bella Hadid goes braless in a thigh
- Anya Taylor
- Biden cites erroneous inflation statistic to make his case about the economy
- Talor Gooch sees his PGA Championship invitation as evidence sanity may prevail in LIV/PGA split
- Nuggets blow 20