Red Lobster seeks bankruptcy protection after closing some restaurants
Time:2024-05-21 09:22:56 Source:politicsViews(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:Verona confirms Serie A status for another year after beating Salernitana
Next:US overdose deaths dropped in 2023, the first time since 2018
You may also like
- Young Boys seals 6th Swiss soccer league title in 7 years after rallying from firing coach Wicky
- Dozens of desperate patients queue 'around the block' before 8am for GP appointment
- Outrage as Tesla starts shipping $3,000 Cybertruck tent that looks nothing like as advertised
- Meet The Richardsons fans fear show will be cancelled after Jon Richardson and Lucy Beaumont's nine
- Amtrak train hits pickup truck in upstate New York, 3 dead including child
- What's behind first China
- More than 200 US chemical plants must reduce toxic emissions under new EPA rule
- Teen cancer survivor reveals she had no idea how ill she was until radiographer CRIED during scan
- Adams, Reyna, Turner, Ream are US concerns ahead of Copa America