Monday, May 20, 2024
Collected Strategies handles Red Lobster as the world’s largest seafood chain files for Chapter 11 protection.
It says the reorganization will drive operational improvements, simplify its business via the shutdown of low-performing restaurants, and pave the way for the sale of the business as a going concern.
Red Lobster has entered into a stalking horse purchase agreement that calls for its to sell the business to a group formed and controlled by its existing term lenders.
CEO Jonathan Tibus said the support from lenders and vendors will ensure that the sale of the company will occur quickly and efficiently.
He expects Red Lobster to emerge from the Chapter 11 proceedings as a stronger company focused on growth.
Red Lobster has about 600 restaurants, and has recently closed units in Orlando, San Antonio, Denver and San Diego.
Collected Strategies partners Dan Moore and Jude Gorman work the Red Lobster Chapter 11 filing.