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. |
Rural Veterinarian Maintains Dual Role as Vet and Internet Celebrity in NW China's NingxiaModernization, Mechanization Make Farmer's Life a BreezeVillage Official Promotes Rural Residents' WellSpecial School Teacher Educates Minds and More of Hospitalized StudentsChina's UFC warriors proud as punchAcross China: Ethnic Bai Woman Travels Far to Promote Cultural HeritageRural Entrepreneur Helps Farmers Attain Wealth by Raising Cattle'Chestnut Princess' Helps Rural Residents Promote Agricultural Products via LivestreamingRaphinha brace inspires Barca comeback win at PSGXinjiang Story: Uygur Dancer Blends Folk Elegance with Modern Street Beats