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. |
Coach sees challenges for women's basketball team at Paris 2024China expects 5.75M railway passenger trips MondayOrdos holds grand light show in China and abroadChina holds cultural and tourism event in L.A. following resumption of group toursStrong tornado kills 5, injures 33 in China's GuangzhouJapan's Kishida unveils a framework for global regulation of generative AIGuangzhou Railway Group suspends 62 trains due to heavy rainTheme park operator offers holiday treatsSpanish travel industry happy to see China's return as major tourist destinationChina holds cultural and tourism event in L.A. following resumption of group tours