Red Lobster seeks bankruptcy protection after closing some restaurants
Time:2024-05-21 19:55:33 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:Yu Darvish extends scoreless innings streak to 25 in Padres' 9
Next:'The Apprentice,' about a young Donald Trump, premieres in Cannes
You may also like
- Elon Musk gets approval from FDA to implant his Neuralink brain chip into a second patient
- Merlier wins Giro Stage 3 after Pogacar fires up finale and stays in the lead
- Former Starbucks CEO Schultz says company needs to refocus on coffee as sales struggle
- Neighbour leaves furious 94
- Analysis: Larson enters conversation with Verstappen as best drivers in the world
- Berkshire Hathaway event gives good view of Warren Buffett's successor
- Milwaukee election leader ousted 6 months before election in presidential swing state
- Janet Jackson to play 2024 Essence Fest instead of the Smoothie King Center this summer
- Everybody may love Raymond, but Ray Romano loves Peter Boyle