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
The government wants to buy their flood
HOUSTON (AP) — After the floodwaters earlier this month just about swallowed two of the six homes th2024-05-21China, Germany financial cooperation yields fruitful results
China and Germany financial cooperation has achieved fruitful results in the past 40 years, official2024-05-21Ice Rink Opens to Public in Tianjin, N China
Contact Us HomeNewsHighlightACWF NewsSocietyWom2024-05-21Animation Featuring China's Sanxingdui Culture Set to Hit Big Screen
Contact Us HomeNewsHighlightACWF NewsSocietyWom2024-05-21Mohammad Mokhber: Who is Iran’s acting president?
DUBAI, United Arab Emirates (AP) — Iran’s first Vice President Mohammad Mokhber was appointed as act2024-05-21Zhejiang Conference Empowers Women in Science
Contact Us HomeNewsHighlightACWF NewsSocietyWom2024-05-21
atest comment