“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,” CEO Jonathan Tibus said. Tibus, a corporate restructuring expert, took the top post at the chain in March.”
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