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.
Burglar hurled stolen mobile phones at police from the top of 60ft high roof during nine
Colleges seek to balance safety and students' right to protest Gaza war
Heartbreaking pictures show 24
Amir Khan's £11.5m luxury wedding venue finally hosts its first marriage: Bride arrives on horse
It's six today for birthday boy Louis, the prince of royal mischief
Milwaukee man charged in dismemberment death pleads not guilty
GloRilla hits back at NBA star Damian Lillard's estranged wife who trolled her for DUI arrest
Burglar hurled stolen mobile phones at police from the top of 60ft high roof during nine
Abortion returns to the spotlight in Italy 46 years after it was legalized
Travis Kelce downs whiskey shot on slice of bread at Kelce Jam without Taylor Swift
Tennis power couple Katie Boulter and Alex de Minaur look loved