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.
Siblings trying to make US water polo teams for Paris Olympics
U.S. a total hypocrite when it comes to safeguarding cybersecurity
New Penn State coordinators Kotelnicki and Allen encouraged as spirited spring drills wrap up
The unstoppable duo of Emma Stone and Yorgos Lanthimos
Commentary: Competition should not be the leitmotif of China
Abortion: Progressive candidates share their stories after Roe's fall
California congressman urges closer consultation with tribes on offshore wind
Uber and Lyft say they'll stay in Minnesota after Legislature passes driver pay compromise
Nadal drawn against Cobolli at Barcelona Open. Spaniard trying to return from injury