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.
Sweden beats France, Britain relegated after losing to Norway at hockey worlds
China committed to promoting peace talks on Ukraine issue: top diplomat
Von der Leyen makes bid for 2nd EU term
China brings opportunities rather than risks to world, expert says
What a blast to work at NASA. Space agency is sky
Von der Leyen makes bid for 2nd EU term
50 city volunteer service stations for the Chengdu 2021 FISU Games went live
FM urges U.S. actions to honor pledges
Supreme Court declines to hear challenge to Maryland ban on rifles known as assault weapons
China committed to promoting peace talks on Ukraine issue: top diplomat
Analysis: Larson enters conversation with Verstappen as best drivers in the world
Wang urges UK to take ties back on track