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.
Company wins court ruling to continue development of Michigan factory serving EV industry
Jets forward Namestnikov is taken to the hospital after a puck hit him in the face
Senzel homers twice, Nationals erase 7
Verona confirms Serie A status for another year after beating Salernitana
Katie Price 'tries to fool fans with pre
Salma Hayek dresses up as Frida Kahlo to join Madonna on stage at her Mexico concert
College students, faculty demand amnesty for participating in anti
US overdose deaths dropped in 2023, the first time since 2018
Gausman pitches 7 innings for first win as Blue Jays cool off Dodgers with 3
Insider Q&A: CIA's chief technologist's cautious embrace of generative AI
Gausman pitches 7 innings for first win as Blue Jays cool off Dodgers with 3