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. |
In Argentina, the government's austerity plan hits universities and provokes student protestsSuspected 'dineA legal challenge over the UK's role in arms sales to Israel will go aheadGet better sleep with these 5 tips from expertsNew Fort Wayne, Indiana, mayor is sworn in a month after her predecessor's deathGet better sleep with these 5 tips from expertsGoFundMe expands into Mexico as part of forCanadian police charge 2 former UN employees with conspiracy to sell military equipment in LibyaSpain approves plan to compensate victims of Catholic Church sex abuse. Church will be asked to payA top Russian military official reportedly linked to Ukraine's Mariupol arrested for bribe