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. |
Your state pension might NOT increase by the full 8.5% this monthRevealed: The 20 best walks in Britain (and the maps that show you the perfect route)Flight steward leaves passengers in stitches with hilarious preA nation of explorers? Poll reveals that nearly a quarter of Brits have never even visited SCOTLANDCore blimey! Scientists discover how to squeeze even more nutrients from applesHumiliation for Saudi Arabia as it's 'forced to scale back $1.5trillion plans for 106Top scientist warns AI could surpass human intelligence by 2027Bridges across the US that suffered same fate as Francis Scott Key in BaltimoreI'm a cruise ship workerChina's Xi Jinping delivers unexpected speech at UN hours after US President Joe Biden speaks