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 Calls for Building South China Sea into Sea of Peace, Friendship, CooperationFull Text of Xi's Written Speech at APEC CEO SummitXi Focus: A Look at How Xi Jinping Leads China's COVIDChinese Vice Premier Stresses Immediate Measures to Contain COVIDXi Holds Talks with Mongolian PresidentMemorial Meeting Held to Mourn Jiang ZeminXi Says China Committed to Building AsiaXi Holds Talks with European Council PresidentFull Text of Xi Jinping's Speech at Memorial Meeting for Comrade Jiang ZeminXi Says China to List Saudi Arabia as Destination for Group Travel
2.3925s , 6575.1640625 kb
Copyright © 2024 Powered by Red Lobster seeks bankruptcy protection after closing some restaurants ,Worldly Window news portal