Red Lobster seeks bankruptcy protection after closing some restaurants
Time:2024-05-21 13:31:18 Source:entertainmentViews(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:Pope trip to Luxembourg, Belgium confirmed for September, 2 weeks after challenging Asia visit
Next:Inquiry slams UK authorities for failures that killed thousands in infected blood scandal
You may also like
- With Djokovic awaiting the winner, Murray trails Hanfmann at rain
- Chinese telecom firms urge more cooperation
- U.S. ports remain confident in China
- Car sales expected to grow 3% in 2023
- Adams, Reyna, Turner, Ream are US concerns ahead of Copa America
- What Message Did President Xi Send During His Visit to Jiujiang?
- Suspected arson latest challenge for Tesla in Europe
- IT helps legislators perform tasks better
- Yu Darvish extends scoreless innings streak to 25 in Padres' 9