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. |
Wanderlust will spark recoveryMessi sidelined for Argentina friendlies with injuryIndiana limits abortion data for privacy under nearITTF World Cup Macao 2024 kicks offHere's exactly what happens to Queen Mary if Frederik diesJustin Bieber goes shirtFuture of popular MTV show hangs in the balance after production pauses after five seasonsJiulong Peak: A paradise of nature, knowledge and prosperityJudge orders psych evaluation for Illinois man charged in 4 killingsQingming Festival in ancient Chinese poems