Red Lobster seeks bankruptcy protection after closing some restaurants
Release time：2024-05-21 08:18:10 Source：Earth Echoes 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：Nadal returns to Roland Garros to practice amid doubts over fitness and form
- Next：Sweden beats France, Britain relegated after losing to Norway at hockey worlds
Related articles
- Medics remove 150 MAGGOTS from a woman's mouth after dental procedure left her with rotting tissue
- GLOBALink
- Erhu Virtuoso Showcases Chinese Culture, Music Charm at UN
- 2025 Asian Winter Games to highlight environmental protection, technology
- With Djokovic awaiting the winner, Murray trails Hanfmann at rain
- Basketball Star Recalls High
- The trial of a former Syrian general over alleged role in war crimes starts in Stockholm
- Working Tirelessly on Fertile Land
- Devout Christian doctor, 68, who punched dementia
- Researcher Protecting Rare Carp in Qinghai Lake
- Candice Swanepoel stuns in a form
- Passionate Dream Chaser — Teacher Strives to Improve China's Rural Education
- Women Promotes Lahu Culture, Helps Villagers Achieve Prosperity by Singing, Dancing
- I Won the AFC Women's Asian Cup 16 Years Ago and My Football Lives On
- With Djokovic awaiting the winner, Murray trails Hanfmann at rain
- Tujia Woman Promotes Ethnic Culture Through Literature, Songs
- Yang Xiaoyu: Boosting Museum's Role in Promoting China's Fine Traditional Culture
- Researcher Protecting Rare Carp in Qinghai Lake
- Student fatally shot, suspect detained at Georgia's Kennesaw State University
- Flight Attendant Escorts Overseas Chinese on Return Home
Random recommendation
- Copyright © 2024 Powered by Red Lobster seeks bankruptcy protection after closing some restaurants ,Earth Echoes news portal sitemap