Red Lobster seeks bankruptcy protection after closing some restaurants
Time:2024-05-21 19:22:31 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:Jon Wysocki dead at 53: Staind drummer passes away
Next:Minnesota Uber and Lyft driver pay package beats deadline to win approval in Legislature
You may also like
- Justin Timberlake set to bring his The Forget Tomorrow World Tour to Australia in 2025
- Mongolia suspends transfer of citizens due to parliamentary elections
- Panda train offers special journey for passengers
- Boost for borrowers as three major UK banks reduce their mortgage rates
- Ben Whishaw lights up the Croisette as he joins his co
- FIFA Congress expected to reach important decisions
- Shanghai Olympic Qualifier Series to bring new experience for fans
- WTA1000 Wuhan Open to return in October
- Ohio judge to rule Monday on whether the state’s abortion ban stands