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.
Devout Christian doctor, 68, who punched dementia
Medical University Students Bring Warmth to Rural Children in Lu'an
Discovering Ocean's Poetic Charms
1 dead, 4 wounded after shooting at Nashville restaurant in US
California congressman urges closer consultation with tribes on offshore wind
China's smartphone output surges in first two months
Tourists Visit Dazu Rock Carvings in Chongqing
Center Helps Create Harmonious Family Education Environment
Philippines blames China for loss of giant clams in disputed shoal and urges environmental inquiry
District Promotes Family Education
Trump accepts a VP debate but wants it on Fox News. Harris has already said yes to CBS
Small town thrives with winter games