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. |
Lady Gaga's father says he was 'attacked' outside NYC church as he slams ongoing Big Apple crimeDuane Eddy, legendary 'twangy' guitarist famous for Peter Gunn theme and Rebel Rouser, dies at 86Indonesia eye Thomas Cup title after beating ThailandSex offender asks Norway's Supreme Court to declare social media access is a human rightChris Pine again wears his I Love LA TSting and Stephen Fry threaten to resign from the Garrick Club unless women are allowed to joinNetanyahu vows to invade Rafah 'with or without a deal'Tyra Banks reveals she had very first alcoholic drink AFTER turning 50: 'It wasn't worth it!'Mets SS Lindor exits after 2 innings due to fluChampions League semifinal: Füllkrug fires Dortmund to 1