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. |
Laverne Cox dons fascinator and cleavageIsrael has briefed US on plan to evacuate Palestinian civilians ahead of potential Rafah operationSwiss company to build $184 million metal casting facility in Georgia, hiring 350Kim Kardashian wears long blonde wig for pouty selfie after surprising fans with bra size revealBeyonce added to French dictionary with publication listing her as 'American singer of R&B and pop'Sia files to legally change her name one year after marrying second husband Dan BernadI celebrate World Naked Gardening Day every dayKhloe Kardashian shows off her curves in formRita Ora, 33, and husband Taika Waititi, 48, put on a very lovedRoyal Challengers Bengaluru beat Gujarat Titans to stay alive in IPL