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. |
Man who went THREE months without a bowel movement had hardened waste stuck in his colonSenators hire Travis Green as coach. Green leaves the Devils after serving in an interim roleNew Mexico high court upholds man's 3 murder convictions in 2018 shooting deaths near DixonAlabama Senate committee delays vote on ethics legislationDisney's streaming business turns a profit in first financial report since challenge to IgerActivist says US congressman knocked cellphone from her hand as she asked about IsraelKaty Perry and Rihanna didn't attend the Met Gala. But AIRishi Sunak admits he must prove to voters his plan is 'making a difference'Judge: Alabama groups can sue over threat of prosecution for helping with abortion travelGeorgia governor signs new election changes into law