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. |
New focus boosting global supply chainsNew focus boosting global supply chainsChina In Perspective: Confidence, certainty and potential behind China's 2024 growth targetVatican complains after French court rules in favor of nun dismissed from religious orderChina's industrial profits up 10.2 pct in first 2 monthsHengqin starts new customs operation in S China4th China CrossXiangjiang New Area of China's Hunan actively cultivates new quality productive forcesChina's industrial profits up 10.2 pct in first 2 monthsConsumption upgrade boosts new productive forces