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. |
Children Participate in Summer Camp Program in Beijing2nd China International Consumer Products Expo Opens in HainanChina's Annual Marriage Registrations Drop at Lowest Since 1986Children Participate in Summer Camp Program in BeijingUniversities Make Significant Progress in China's SciXinhua Headlines: 9 Years on, Economic Ties Closer Among Belt and Road CountriesHawthorn Fruits Enter Mature Season in Liudu, ShandongChina's Social Security Fund Reaps 4.27 Pct Investment Return in 2021China's Annual Marriage Registrations Drop at Lowest Since 1986Mainland a Favorable Destination for Students from HK, Macao, Taiwan