Red Lobster seeks bankruptcy protection after closing some restaurants
Time:2024-05-21 16:09:17 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:Revealed: Brit tourist, 19, subjected to sex attack in Majorca 'was gang
Next:What's next for Iran after death of its president in crash?
You may also like
- Liverpool confirms Arne Slot as Jurgen Klopp's replacement
- Remains believed to be missing woman, daughter found at West Virginia home on same day suspect died
- New Jersey Devils forward Timo Meier has post
- Activists interrupt Chinese ambassador's Harvard speech — Radio Free Asia
- Travis Kelce downs whiskey shot on slice of bread at Kelce Jam without Taylor Swift
- Cyberattacks are on the rise, and that includes small businesses. Here's what to know
- Ten of the world's best airports for food and drinks, according to experts
- Orioles call up another top prospect in OF Heston Kjerstad, who hit 10 HRs in 21 games at Triple
- Mohammad Mokhber: Who is Iran’s acting president?