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.
Related articles:
Related suggestion:
Xi Focus: Xi Meets with HKSAR Chief ExecutiveXi Focus: Xi Stresses Efforts to Accelerate Establishment of New Pattern of DevelopmentXi Focus: Xi Addresses Opening Ceremony of HighChina unveils measures to promote industrial equipment upgradesChinese, Czech Presidents Hold Virtual MeetingXi Jinping Replies to Letter from Artists of China Oriental Performing Arts GroupAlmost 100 aftershocks recorded overnight following Taiwan's 7.3Book on Xi's Visits to People's Homes PublishedChinese Vice Premier Urges Efforts to Ensure Sound Start to New School TermPhilippine President to Visit China
2.5521s , 6489.78125 kb
Copyright © 2024 Powered by Red Lobster seeks bankruptcy protection after closing some restaurants ,Global Glossary news portal