Red Lobster seeks bankruptcy protection after closing some restaurants
Release time：2024-05-21 12:37:00 Source：Stellar Series 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：Medics remove 150 MAGGOTS from a woman's mouth after dental procedure left her with rotting tissue
- Next：Student fatally shot, suspect detained at Georgia's Kennesaw State University
Related articles
- Election 2024: Biden and Trump bypassed the Commission on Presidential Debates
- China's local 'two sessions' convey confidence in 2024 economy
- In pics: sailing race at 19th Asian Games
- A monument to heroes
- Kristin Cavallari, 37, ignores critics of her age
- Springtime blossoms add cheer to tourism
- Roof of the world inhabited since 50,000 years ago: archaeologists
- Exhibition on Caravaggio works receives 80,000 visitors in Shanghai
- Amtrak train hits pickup truck in upstate New York, 3 dead including child
- Highlights of Hangzhou Asian Games
- Iran helicopter crash that killed President Raisi could reverberate across the Middle East
- Cultural confidence glows via new Chinese
- EU releases blocked funds of $6.7 billion to Poland as part of its post
- Why are young Chinese streamlining, personalizing their wedding ceremonies?
- Rangers are undefeated at .500 to keep World Series champs from a losing record with Bochy
- Canton Fair opens in China with surge in overseas purchasers
- UNICEF China partners with Special Olympics East Asia to advance inclusion
- Springtime blossoms add cheer to tourism
- Why US Catholics are planning pilgrimages in communities across the nation
- Renowned Berliner Philharmoniker to perform at Shanghai's art festival
Random recommendation
- Copyright © 2024 Powered by Red Lobster seeks bankruptcy protection after closing some restaurants ,Stellar Series news portal sitemap