Red Lobster files for bankruptcy, seeking to shrink, find buyer

From CNBC: 2024-05-20 07:47:17

Seafood chain Red Lobster has filed for bankruptcy, seeking to shrink its footprint and find a buyer to address financial challenges. The company appointed restructuring expert Jonathan Tibus as CEO to navigate the process. Tibus stated that the restructuring is the best path forward for Red Lobster, focusing on growth and stakeholders’ value. The support from lenders and vendors will aid in completing the sale process efficiently. The story is ongoing, with updates to follow.



Read more at CNBC: Red Lobster files for bankruptcy