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.
Medics remove 150 MAGGOTS from a woman's mouth after dental procedure left her with rotting tissue
South Africa's ANC loses another court case against rival party led by former president Zuma
Top procuratorate reports legal oversight work in 2023
Tesla cuts the price of its "Full Self Driving" system by a third
Harmonious picture of human and nature in China's coastal city Xiamen
The US is expected to block aid to an Israeli military unit. What is Leahy law that it would cite?
Ship that caused Baltimore bridge collapse has been refloated
TOWIE star Vas J Morgan cuts a casual figure as he steps out in his own activewear brand
Red Lobster seeks bankruptcy protection after closing some restaurants
Victoria Beckham and her lookalike sister Louise Adams pose arm