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 Blue Angels,’ filmed for IMAX, puts viewers in the ‘box’ with the elite flying squad
Woman 'seriously hurt' in attack by bully
Teenage golfer Ji wins first pro title in Tianjin
Brendan Steele wins LIV Golf Adelaide tournament from fast
Pope trip to Luxembourg, Belgium confirmed for September, 2 weeks after challenging Asia visit
Marchand breaks team playoff goals mark, Bruins beat Maple Leafs 3
WADA invites 'independent prosecutor' to examine Chinese swimmers case
A munitions explosion at a Cambodian army base kills 20 soldiers, but its cause is unclear
A Hindu festival in southwestern Pakistan brings a mountainous region to life
A warrant for Netanyahu’s arrest was requested. But no decision was made about whether to issue it
The Titans add size, speed as they use 5 of 7 NFL draft picks to boost their defense