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. |
Police in Tennessee fatally shot man after he shot a woman in the face. She is expected to survive2024 IFSC Climbing World Cup to open in China's ShaoxingChina launches 504Benitez sacked by relegationChinese premier chairs State Council executive meetingMore Chinese people hit road for Dragon Boat FestivalChinese diplomat calls for enhancing ChinaChina's northernmost highOrganizers start ticket refund process for Messi's noFlood relief work strengthened in China's Guangdong