Red Lobster seeks bankruptcy protection after closing some restaurants
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
OpenAI pauses ChatGPT voice after Scarlett Johansson comparisons
NEW YORK (AP) — OpenAI says it plans to halt the use of one of its ChatGPT voices after some users s2024-05-21Daniele De Rossi's contract at Roma is extended just 3 months after replacing Jose Mourinho
ROME (AP) — Daniele De Rossi’s contract at Roma has been extended after just three months on the job2024-05-21Italy starting Davis Cup title defense against Brazil and US plays Chile
LONDON (AP) — Italy will kick off the defense of its Davis Cup title against Brazil in Bologna on Se2024-05-21UK Conservatives suspend lawmaker as sleaze allegations swirl over possible misuse of party funds
LONDON (AP) — Britain’s governing Conservative Party said Thursday it has suspended a lawmaker who i2024-05-21Jon Wysocki dead at 53: Staind drummer passes away
The music world is in mourning this Sunday, with word that original Staind drummer Jon Wysocki passi2024-05-21- A 6.3-magnitude earthquake struck off southwestern Japan late Wednesday the US Geological Survey has2024-05-21
atest comment