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.
Jon Wysocki dead at 53: Staind drummer passes away
People mourn for victims killed in Moscow terrorist attack in St. Petersburg
People mourn for victims killed in Moscow terrorist attack in St. Petersburg
Chinese state councilor stresses meticulous preparations for Hangzhou Asian Games
Philippines blames China for loss of giant clams in disputed shoal and urges environmental inquiry
Xi presents order to promote military officers to rank of general
Stormy, snowy weather expected across Japan: weather agency
China unveils revised commercial cryptography regulations
The unstoppable duo of Emma Stone and Yorgos Lanthimos
Infographic: Xizang witnesses astounding development 72 years after peaceful liberation
Ship that caused Baltimore bridge collapse has been refloated
Oswaldo Cabrera homers, Yankees survive late scare, beat Guardians 3