Red Lobster seeks bankruptcy protection after closing some restaurants
Time:2024-05-21 14:06:12 Source:businessViews(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:Elon Musk gets approval from FDA to implant his Neuralink brain chip into a second patient
Next:Jessica Biel CHOPS her long locks into a bob after book signing in Studio City
You may also like
- What's next for Iran after death of its president in crash?
- Celebrity birthdays for the week of May 5
- 4th Int'l garden festival kicks off in Beijing
- Guizhou slated to get new national park
- Supreme Court rejects an appeal from a Canadian man once held at Guantanamo
- Dortmund win six
- Yang sets national record in women's 100m freestyle
- Quanjude opens new store in Beijing's Wangfujing
- Why US Catholics are planning pilgrimages in communities across the nation