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.
Shooting injures 2 at Missouri high school graduation ceremony
Farmers in NW China's Qinghai Celebrate Start of Spring Farming
China Has over 64,500 Open Online Courses: Report
Candice Swanepoel stuns in a form
Women Become Major Force in China's Tourism Consumption Market
China to Hold over 12,000 Cultural Activities During Spring Festival
China Steps up Judicial Protection for Women, Children: Reports
Election 2024: Biden and Trump bypassed the Commission on Presidential Debates
Spinning Top Competition Held to Celebrate Upcoming Int'l Women's Day in S China's Guangxi