Red Lobster seeks bankruptcy protection after closing some restaurants
Release time：2024-05-21 16:36:27 Source：Worldly Watch news portal
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.
- Previous：Biden says Brown v. Board of Education ruling was about more than education
- Next：Mystery artist who erected signs comparing pothole
Related articles
- Minnesota Uber and Lyft driver pay package beats deadline to win approval in Legislature
- The 2024 Latin Grammys will return home to Miami after a controversial move to Spain
- Ozuna homers, Arcia's RBI in 10th lifts Braves to 5
- US says China is funding America’s fentanyl crisis — Radio Free Asia
- Hall of Fame outfielder Ken Griffey Jr. to lead Indianapolis 500 field in Corvette pace car
- Despite security risks, plans to open Paris Olympics on River Seine remain unchanged and on track
- Abu Ghraib military contractor warned bosses of abuses 2 weeks after arriving, testimony reveals
- Man arrested after authorities say he threw pipe bomb at Satanic Temple
- Burglar hurled stolen mobile phones at police from the top of 60ft high roof during nine
- Two more endangered ferrets cloned from critter frozen in 1980s
- With Djokovic awaiting the winner, Murray trails Hanfmann at rain
- Ozuna homers, Arcia's RBI in 10th lifts Braves to 5
- Canisius hires Penn State assistant Tiffany Swoffard to take over women's basketball program
- Clippers preparing to have Kawhi Leonard for Game 1 against Mavericks
- Candice Swanepoel stuns in a form
- The Rockies have placed Kris Bryant on 10
- Hush money trial: Trump's lawyers say Stormy Daniels refused subpoena outside Brooklyn bar
- Cedric Mullins hits 2
- Insider Q&A: CIA's chief technologist's cautious embrace of generative AI
- South Carolina Republicans reject 2018 Democratic governor nominee's bid to be judge
Random recommendation
- Copyright © 2024 Powered by Red Lobster seeks bankruptcy protection after closing some restaurants ,Worldly Watch news portal sitemap