Red Lobster seeks bankruptcy protection after closing some restaurants
Release time：2024-05-21 06:36:11 Source：Culture Channels news portal
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.
- Previous：Company wins court ruling to continue development of Michigan factory serving EV industry
- Next：Kate Hudson hits the stage to debut songs from her new album Glorious at star
Related articles
- 'The Apprentice,' about a young Donald Trump, premieres in Cannes
- U.S. House votes to kill motion to remove Speaker Mike Johnson
- US announces a new $400 million package of weapons for Ukraine to try to hold off Russian advances
- U.S. House votes to kill motion to remove Speaker Mike Johnson
- Student fatally shot, suspect detained at Georgia's Kennesaw State University
- Framber Valdez pitches 7 strong innings and Astros use a late 4
- Man pleads guilty in theft of bronze Jackie Robinson statue from Kansas park
- Man, 28, who died after being wrongly given AstraZeneca Covid vaccine told 'count yourself lucky'
- The unstoppable duo of Emma Stone and Yorgos Lanthimos
- Elon Musk reveals bizarre way he gets to sleep at night
- Celebrity birthdays for the week of May 26
- Rapper NBA YoungBoy is held on $100K bail in Utah prescription fraud case
- Patrick Corbin gets 1st win of season, Nationals beat Red Sox 5
- Louisiana court may reopen window for lawsuits by adult victims of childhood sex abuse
- Here comes the char
- Billy Graham statue for U.S. Capitol to be unveiled next week
- NYC policy on how long migrant families can stay in shelters was 'haphazard,' audit finds
- Seattle man is suspected of fatally shooting 9
- Elon Musk gets approval from FDA to implant his Neuralink brain chip into a second patient
- Billy Graham statue for U.S. Capitol to be unveiled next week
Random recommendation
- Copyright © 2024 Powered by Red Lobster seeks bankruptcy protection after closing some restaurants ,Culture Channels news portal sitemap