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.
Sweden beats France, Britain relegated after losing to Norway at hockey worlds
People Prepare for Upcoming Chinese New Year Across China
5th China Marathon Expo Kicks off in Xiamen
China's National Winter Games Spurs Growth of Ice
Jon Wysocki dead at 53: Staind drummer passes away
Temporary Teaching Sites Start Classes in Jishishan
Curling Mixed Doubles Round Robin Session 14 at Gangwon 2024: New Zealand vs. China
Laba Festival Gathering for Migrant Children in Xi'an
Ben Whishaw lights up the Croisette as he joins his co
Gains Made in Reducing School Stress
Saudi Arabia is going to sponsor the WTA women's tennis rankings under a new partnership
Roadside Concerts Become a Hit in SW China's Guizhou