Red Lobster seeks bankruptcy protection after closing some restaurants
Release time：2024-05-21 11:06:02 Source：Global Gesture 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：What's next for Iran after death of its president in crash?
- Next：Company wins court ruling to continue development of Michigan factory serving EV industry
Related articles
- The fightback begins: Boss of London's Queen Mary University tells pro
- Development of Xinjiang impresses Pakistani media and think tank representatives
- China steps up efforts to improve legal services for disabled people
- Social media star revives interest in ancient Chinese writing
- The government wants to buy their flood
- All to play for in Champions League quarterfinals as Mbappe looks to rekindle form for PSG
- Qinghai affected by Gansu earthquake, mobilizes multiple personnel
- China steps up efforts to improve legal services for disabled people
- Investigators return to Long Island home of Gilgo Beach serial killing suspect
- Prefab houses for quake
- French sports minister calls for sanctions after Monaco player tapes over anti
- China issues rules on human organ donation, transplantation
- Toilet revolution delivers healthier lifestyle, novel ideas to China's western plateau
- China trains high
- Mohammad Mokhber: Who is Iran’s acting president?
- Guideline unveiled to make public use of autonomous driving vehicles safer
- Sheep breeding cooperatives boost incomes of Xizang herders
- Hannah Elizabeth puts on a VERY busty display in a white tweed co
- The fightback begins: Boss of London's Queen Mary University tells pro
- China's education ministry outlines major tasks for year 2024
Random recommendation
- Copyright © 2024 Powered by Red Lobster seeks bankruptcy protection after closing some restaurants ,Global Gesture news portal sitemap