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. |
Qiang sheepKazakh embroidery production helps female villagers increase income in XinjiangInternational hot air balloons festival opens in GansuIntangible cultural heritages brings new color to Fujian's night economyIntangible cultural heritages brings new color to Fujian's night economyXinhe County in Hebei promotes handmade dried noodles to raise incomeBamboo dance competition held at middle school in HainanPeople of Zhuang ethnic group celebrate traditional diving festival in GuizhouSilk Road film festival opens in NW ChinaXi Extends Condolences to Nepali President over Strong Quake