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.
Georgia Republicans choose Amy Kremer, organizer of pro
Bears coach Matt Eberflus says No. 1 pick Caleb Williams will open season as No. 1 QB
US plans to impose major new tariffs on EVs, other Chinese green energy imports, AP sources say
Bella Hadid goes braless in a thigh
The 49ers are counting on new defensive coordinator Nick Sorensen to get the unit back to dominance
It's the Harry and Meghan show!: Ex
More cities to open flights to Hungary
Everybody may love Raymond, but Ray Romano loves Peter Boyle
From 'Psycho' to a new crop of horror movies, the genre has some mommy issues
Socialite Jasmine Hartin enjoys beach snuggle with electrician hunk
I'm a psychiatrist and I do not believe Fiona Harvey was lying to Piers Morgan