Red Lobster officially files for Chapter 11 bankruptcy
SalonAfter news of a massive auction last week, Red Lobster has officially filed for bankruptcy, Nathaniel Meyersohn reports for CNN. According to Meyersohn, Red Lobster's plan forward is two-pronged: It plans to sell its business to its lenders and receive financing to stay afloat, while also closing additional locations permanently. The official statement from Red Lobster Management LLC on PRNewswire also adds "The Company intends to use the proceedings to drive operational improvements, simplify the business through a reduction in locations, and pursue a sale of substantially all of its assets as a going concern," noting that the restaurants will continue to "remain open and as usual during the Chapter 11 process, continuing to be the world's largest and most-love seafood restaurant company." Richard Collings writes for Axios that "The company will also receive $100 million in debtor-in-possession financing from its existing lenders," adding a quote from CEO Jonathan Tibus, who said in a statement: "The support we've received from our lenders and vendors will help ensure that we can complete the sale process quickly and efficiently while remaining focused on our employees and guests."
History of this topic
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