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. |
Sri Lanka to join Regional Comprehensive Economic Partnership: presidentA glimpse of new professions through holiday consumption trendsChina awards police personnel of border controlWrexham are PROMOTED to League One after thrashing Forest Green 6Pilot carbon sink trading yields profit, eco benefits in rural ChinaNPC spokesperson affirms full support for HK's legislation of Article 23Latest data shows China's economic resilienceDirect flight links China's Fuzhou with Seoul in ROKChina to build an investorsIce and snow tourism propels NE China into high