Red Lobster seeks bankruptcy protection after closing some restaurants
Release time：2024-05-21 10:17:15 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：Justin Timberlake set to bring his The Forget Tomorrow World Tour to Australia in 2025
- Next：Student fatally shot, suspect detained at Georgia's Kennesaw State University
Related articles
- Yvette Fielding says her Most Haunted co
- Malaysia's visa
- Xi Calls for Breaking New Ground in China's High
- Zhangjiakou is ready for the 2022 Winter Olympics
- Young Boys seals 6th Swiss soccer league title in 7 years after rallying from firing coach Wicky
- Country's tourism market off to a robust start in 2024
- Snowfall in Beijing causes flight, train delays and personal injury
- Keeping focused vital against Guam, says Chinese midfielder
- Russian theater director and playwright go on trial over a play authorities say justifies terrorism
- New Edition of Study Outline on Xi Jinping's Thinking on Strengthening Military Published
- NBA playoffs: Edwards leads Wolves to 98
- Bridge offers trial run of group tour next month
- Fiji pins growth hopes on Chinese tourists, plans direct flights from HK
- Xi Orders All
- Liverpool confirms Arne Slot as Jurgen Klopp's replacement
- Xi to Attend Opening Ceremony of Chengdu Universiade
- Xiplomacy: How an Economic Corridor Has Changed Lives in Pakistan
- Highlights of Chinese National Swimming Championships
- Yu Darvish extends scoreless innings streak to 25 in Padres' 9
- Xi Meets Burundian President
Random recommendation
- Copyright © 2024 Powered by Red Lobster seeks bankruptcy protection after closing some restaurants ,Stellar Stories news portal sitemap