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.
Uber and Lyft say they'll stay in Minnesota after Legislature passes driver pay compromise
Inside Victoria Beckham's extensive wardrobe as she turns 50: From multi
Sydney shopping mall reopens after stabbings. Police make first arrest in riot after church attack
Canada, Germany sign MOU to implement transatlantic hydrogen corridor
The government wants to buy their flood
Hoda Kotb, 59, reveals she is STILL single and 'looking for the one'
Vermont farms are still recovering from flooding as they enter the growing season
Chinese vice premier stresses timely delivery of homes to buyers
Young Boys seals 6th Swiss soccer league title in 7 years after rallying from firing coach Wicky
Sudan's army chief urges for restoring membership in AU
Target to lower prices on basic goods in response to inflation
Jury selection in Trump hush money trial faces pivotal stretch as former president returns to court