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. |
Artist Helps Youth Understand Beauty of Rock PaintingsWalking Through Wind, RainChinese Woman Reaches Peak of Neuroscience ResearchUniversity Graduate Develops Cooperative, Helps Farmers Attain WealthDessert Brand Reveals Sweet Tastes from HutongJunior of Revolutionaries Inherits, Promotes Family's 'Red Gene'Rural Woman Helps Villagers Attain Wealth by Growing VegetablesRural Woman Helps Villagers Attain Wealth by Growing VegetablesFamily Dedicated to Writing 'Green Legend' on Saihanba'Bethune in Daqing' Brings Light Back to Patients