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. |
Xi Story: Paddling Through All Odds on FactBreathtaking view of oldest palace in Tibet 'Yumbu Lakhang'Scenery of Baiyangdian Lake in Xiongan New Area, N China's HebeiScenery of Baiyangdian Lake in Xiongan New Area, N China's HebeiChina sees over 73 mln domestic tourist visits during MidChina's Zhangjiajie prepares for reopeningBringing on the summer tourism heatChina Focus: Chinese Leadership Analyzes Economic Situation, WorkXi Holds Talks with Kazakh PresidentCan tourism gather steam during summer vacation?