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.
The fightback begins: Boss of London's Queen Mary University tells pro
Eden Golan defies the protesters: Israel's hotly
Caitlin Clark the focus of talks about race, double standards in sports
Brawl breaks out after New York City tops Toronto 3
Ben Whishaw lights up the Croisette as he joins his co
A police officer was killed in Pakistan
Zendaya's raunchy Challengers movie sparks frenzied Gen Z trend
Rebels kill at least 4 people during an attack on a Central African Republic mining town
Cruise worker 'murders newborn son on board ship': Shocked co
China's credit structure improved in Q1: PBOC report
Travis Kelce downs whiskey shot on slice of bread at Kelce Jam without Taylor Swift
Pictured: Grandmother, 66, stabbed to death near bus stop