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.
Not so Cool Britannia! Noel Gallagher gives damning verdict on Keir Starmer
Is journalist Vicky Xu preparing to return to China? — Radio Free Asia
Ted Lasso star Keeley Hazell leaves little to the imagination as she shows off her curves in a flesh
Passenger breaks his leg 30 minutes into a seven
'The Apprentice,' about a young Donald Trump, premieres in Cannes
Google fires more workers who protested its deal with Israel
Man sentenced to 6 years in prison for attacking police with pole at Capitol
Cyberattacks are on the rise, and that includes small businesses. Here's what to know
Justin Timberlake set to bring his The Forget Tomorrow World Tour to Australia in 2025
How major US stock indexes fared Monday, 4/22/2024
Yvette Fielding says her Most Haunted co
Crew members injured in crash on set of Eddie Murphy movie 'The Pickup'