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.
Related articles:
Related suggestion:
Property listings hit nearHKFP Lens: Artist displays 'overlapping memories' of Hong Kong and UK on filmChinese censors give Fight Club movie a new ending where police winWhy the Algarve has been named the top destination for a bargain break in EuropeEye watering amount of money for south Auckland roading project, cyclists sayImran Khan: Pakistan exProperty listings hit nearPictured: Twelve jawHurricanes Poua won't be allowed to repeat haka criticising governmentAsbestos exposure register should be continued
2.5401s , 6604.3515625 kb
Copyright © 2024 Powered by Red Lobster seeks bankruptcy protection after closing some restaurants ,International Index news portal