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. |
Bengals likely to look for an offensive tackle and runCoalition to submit 900,000 signatures to put toughFree agency left the Ravens with holes to fill as NFL draft nears, especially on the offensive lineWith Anthony Richardson on board, Colts will look beyond quarterback in NFL draftMeet TikTok's NEWEST queen bee Leah Halton: Stunning Australian model, 23, is set to become the mostLove Island's Molly Marsh displays her incredible figure in a logoRuud beats Thompson for tourA homeless man is reunited with his family after 13 years thanks to a Ford Mustang and a viral clipJustice Department ramps up efforts to reduce violent crime with gun intel centerWith Anthony Richardson on board, Colts will look beyond quarterback in NFL draft