Red Lobster seeks bankruptcy protection after closing some restaurants
Release time：2024-05-21 18:34:52 Source：World Walkthrough news portal
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.
- Previous：Hollywood star Shia LaBeouf is spotted on the streets of Gavin and Stacey's hometown Barry
- Next：The Latest
Related articles
- Elon Musk gets approval from FDA to implant his Neuralink brain chip into a second patient
- Two shootings, two different responses — Maine restricts guns while Iowa arms teachers
- Judge hears testimony in man's bid for a new trial for girl's 1988 killing
- Kourtney Kardashian is 45! The reality TV star and wife of Travis Barker gets heart
- Adams, Reyna, Turner, Ream are US concerns ahead of Copa America
- Lions are not looking for a starter in the NFL draft for a change, coming off successful season
- Arizona Republican drops reelection effort after accusation he forged signatures
- Commanders are in line to take a quarterback with the NFL draft's 2nd pick
- Verona confirms Serie A status for another year after beating Salernitana
- Commanders are in line to take a quarterback with the NFL draft's 2nd pick
- Travis Kelce downs whiskey shot on slice of bread at Kelce Jam without Taylor Swift
- Emily Brown and Susanna Tapani each score as Boston returns from 24
- Gordon Ramsay is slated for tiny portion of duck on £260
- Kentucky guard Reed Sheppard enters NBA draft
- Hollywood star Shia LaBeouf is spotted on the streets of Gavin and Stacey's hometown Barry
- Golden Bachelor star Theresa Nist's daughter gushes Gerry Turner will always be 'family'
- Woman dies after riding on car's hood and falling off, police say
- Trump loses bid to halt Jan. 6 lawsuits while he fights criminal charges in the 2020 election case
- Everybody may love Raymond, but Ray Romano loves Peter Boyle
- Archie Cooley, the college football coach whose innovative offense launched Jerry Rice, has died
Random recommendation
- Copyright © 2024 Powered by Red Lobster seeks bankruptcy protection after closing some restaurants ,World Walkthrough news portal sitemap