Red Lobster seeks bankruptcy protection after closing some restaurants
Time:2024-05-21 06:57:47 Source:politicsViews(143)
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.
You may also like
- Everybody may love Raymond, but Ray Romano loves Peter Boyle
- Flame for Hangzhou Asian Para Games Lit in Guangzhou
- SCO Forum 'Year of Tourism 2023' Opens in Xinjiang
- U.S. Students Participate in China Education Tour in Sichuan, SW China
- Red Lobster seeks bankruptcy protection after closing some restaurants
- Traditional Ethnic Culture Emphasized on Campus in S China's Guangxi
- China urges US to stop poisoning public support for bilateral ties
- Young People Infuse Vibrancy into Chinese Square Dancing
- Justin Timberlake set to bring his The Forget Tomorrow World Tour to Australia in 2025