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. |
Man charged in random attack on Steve Buscemi in NYCChinese president appoints new ambassadorsGirls in Rio favela hope to play in 2027 Women's World CupJason Kelce would be a 'dream' partner on Dancing with the Stars, says pro dancerUkraine introduces nationwide power supply restrictionsChina's top diplomat holds talks with Brunei's second minister of foreign affairsIsraeli army enters center of Rafah: sourceNetflix fans blast new romJaime Torres wins the Preakness with Seize the Grey 2 years after starting to ride horsesWoman held on suspicion of assault after launching 20