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.
Travis Kelce downs whiskey shot on slice of bread at Kelce Jam without Taylor Swift
Danny Cipriani holidays with 90210 star AnnaLynne McCord at spiritual retreat in Egypt
Goalkeeper Nahuel Guzmán suspended for 11 games, fined for pointing laser at rival in Liga MX match
Proposal would assure schools that cooperate fully in NCAA investigations avoid postseason ban
Children are evacuated from school 'during an exam' after threat made via email
Packers could still look to upgrade secondary in NFL draft even after adding Xavier McKinney
Judge denies request for Bob Baffert
US deports about 50 Haitians to nation hit with gang violence, ending monthslong pause in flights
Yvette Fielding says her Most Haunted co
Kentucky guard Reed Sheppard enters NBA draft
Lynn Williams breaks NWSL goal
Maryland teen charged with planning school shooting after police review writings, internet searches