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.
What's next for Iran after death of its president in crash?
Met Gala 2024: Rita Ora goes nude in a barely
Emily Ratajkowski leaves NOTHING to the imagination as she goes underwear
Elon Musk gets approval from FDA to implant his Neuralink brain chip into a second patient
Surprise! Zendaya unveils SECOND red carpet look at Met Gala as she wows in corseted off
Irina Shayk shines in a Swarovski gown at the 2024 Met Gala
The Titans bolster wide receiving group by adding Tyler Boyd, AP source says
Travis Kelce downs whiskey shot on slice of bread at Kelce Jam without Taylor Swift
Liberal icon Bernie Sanders is running for Senate reelection, squelching retirement rumors