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. |
Scary Movie is back! Franchise will be rebooted 11 years after Scary Movie 5 was releasedAriana Grande showcases legs in floral mini dress as she holds hands with Wicked coDiego Simeone is involved in feisty touchline bustFernando Alonso commits his future to Aston Martin by signing new twoBBC announce Tom Hiddleston is set to return to The Night Manager for two more seriesErik ten Hag admits he is relieved Harry Maguire stayed at Man United amid injury crisisThe Golden Bachelor couple Gerry Turner and Theresa Nist are getting a divorceBBC announce Tom Hiddleston is set to return to The Night Manager for two more seriesAston Villa 2Texas semi