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.
The government wants to buy their flood
Boeing locks out its private firefighters around Seattle over pay dispute
Rays starter Ryan Pepiot departs with leg bruise after getting hit by 107.5 mph line drive
Kentucky Derby victory aboard Mystik Dan provides signature win for jockey Brian Hernandez Jr.
A warrant for Netanyahu’s arrest was requested. But no decision was made about whether to issue it
Double delight for China with wins in both Uber and Thomas Cups
Disney documentary stars' sick jibe at cancer
MAIL ON SUNDAY COMMENT: If the Tories hold their nerve, millions could still return to the fold
Yvette Fielding says her Most Haunted co
PSV Eindhoven wraps up its 25th Dutch Eredivisie title by beating Sparta Rotterdam 4
Analysis: Larson enters conversation with Verstappen as best drivers in the world
Violence breaks out at Leeds University as pro