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. |
China to enhance coordination with Arab League: Chinese FMChina's Q1 foreign trade surge signals economic upturnRescuers battling forest fire in China's SichuanArtemi Panarin scores 49th goal as Rangers beat Senators 4HKSAR LegCo unanimously passes milestone bill to better safeguard national security'Xi Jinping on the Belt and Road Initiative' informs and inspires readers in ChileWhite House approved more bombs to Israel on day of deadly Israeli attack on aid workers: WAPOBassitt gets 2nd straight victory as Blue Jays win 3China releases reports on budgets, national economic and social development plansWhy the royals are no fans of Buckingham Palace... and what it's really like to live there