Red Lobster seeks bankruptcy protection after closing some restaurants
Release time：2024-05-21 18:01:42 Source：Stellar Stories 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：Candice Swanepoel stuns in a form
- Next：California congressman urges closer consultation with tribes on offshore wind
Related articles
- Not so Cool Britannia! Noel Gallagher gives damning verdict on Keir Starmer
- DAILY MAIL COMMENT: At last, Rishi takes the fight to Labour
- Vincent Trocheck and Mika Zibanejad lead Rangers to 4
- McCutchen leads off with home run for second day in row and Pirates beat Brewers 2
- Independent UN experts urge Yemen’s Houthis to free detained Baha'i followers
- USPS commits to rerouting Reno
- Six winners of the Mail's Inspirational Women Awards are honoured in glittering ceremony in London
- Jennifer Lopez looks terrified in new trailer for her sci
- California congressman urges closer consultation with tribes on offshore wind
- General Motors reports strong first
- Rangers are undefeated at .500 to keep World Series champs from a losing record with Bochy
- McCutchen leads off with home run for second day in row and Pirates beat Brewers 2
- Johnny Cueto signs minor league deal with Texas. He was an All
- General Motors reports strong first
- Siblings trying to make US water polo teams for Paris Olympics
- General Motors reports strong first
- Moment Israel wipes out top Hezbollah commander in precision airstrike on his car in Lebanon
- Child murderer who abducted and killed schoolboy 50 years ago dies in prison of old age
- Insider Q&A: CIA's chief technologist's cautious embrace of generative AI
- China restores 6.7 mln ha of land in ecological remediation drive
Random recommendation
- Copyright © 2024 Powered by Red Lobster seeks bankruptcy protection after closing some restaurants ,Stellar Stories news portal sitemap