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. |
New law to give police, courts greater powers in gang crackdown'It's a deliberate strategy to erase us' – Whanganui iwi prepare for national huiScrapping clean car discount cost $138m in fuel savings – transport officialsTruck driver grabs schoolgirl in 'concerning' West Auckland incidentNZ report card 2023: near the top of the class in some areas, bottom in othersFrench PM Élisabeth Borne resigns ahead of expected reshuffleChinese satellite launch sparks 'missile' fears in TaiwanFrench PM Élisabeth Borne resigns ahead of expected reshuffleAUKUS a military pact designed to contain China, says LabourOtago Regional Council votes to keep half