Red Lobster seeks bankruptcy protection after closing some restaurants
Release time：2024-05-21 14:17:06 Source：Culture Chronicle news portal
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.
- Previous：Company wins court ruling to continue development of Michigan factory serving EV industry
- Next：Why US Catholics are planning pilgrimages in communities across the nation
Related articles
- Baby Reindeer's real
- Consultation of legislation on Article 23 begins
- Explainer: What to expect from AU summit as education, development take center stage
- Xi Says China
- The government wants to buy their flood
- China's embassy slams UK's 'groundless interference' over Hong Kong basic law
- China makes significant progress in geographical indication protection
- Xi sends greetings to Malaysia's new king
- Nuggets blow 20
- Plan to tap Russian assets for Ukraine slammed
- Inquiry slams UK authorities for failures that killed thousands in infected blood scandal
- Xi sends greetings to Malaysia's new king
- Hungary ends row with EU over aid
- Chinese, Australian FMs hold strategic dialogue
- Pope trip to Luxembourg, Belgium confirmed for September, 2 weeks after challenging Asia visit
- Chad kicks off presidential campaign
- China's space station looking forward to participation of foreign astronauts
- China to expand visa
- Biden says Brown v. Board of Education ruling was about more than education
- Flying Tigers veteran visits Great Wall in Beijing
Random recommendation
- Copyright © 2024 Powered by Red Lobster seeks bankruptcy protection after closing some restaurants ,Culture Chronicle news portal sitemap