McIlroy three back as world number 1,258 Cauley leads

Red Lobster Says Locations Will Stay Open After Filing For Bankruptcy

Red Lobster Says , Locations Will Stay Open , After Filing For Bankruptcy. On May 19, Red Lobster confirmed in a statement that the company has filed for voluntary Chapter 11 bankruptcy in Florida. . NBC reports that the largest seafood chain in the United States said that filing for Chapter 11 will , "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.". In a so-called stalking horse arrangement, Red Lobster will sell the entire business to a new entity that is completely owned and controlled by lenders. . According to the company, lenders have provided $100 million in financial commitments to fund the chain's ongoing operations. According to the company, lenders have provided $100 million in financial commitments to fund the chain's ongoing operations. NBC reports that the company's bankruptcy petition lists Red Lobster's assets at a value between $1 billion and $10 billion. The chain stressed that despite closing around 99 locations across the U.S., remaining locations will remain open during the bankruptcy process. The company added that it has been , "working with vendors to ensure that operations are unaffected.". 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, Jonathan Tibus, Red Lobster CEO, via NBC. The 56-year-old chain was founded back in 1968. By 2019, Red Lobster had expanded to include nearly 700 locations across the country. NBC reports that the company has struggled under a growing debt load after failing to regain a foothold following the COVID-19 pandemic.

This Day in History: Donna Summer, Queen of Disco, Dies

This Day in History: , Donna Summer, Queen of Disco, Dies. May 17, 2012. The 63-year-old singer and songwriter died in Naples, FL, from non-smoking related lung cancer. The disco diva rose to fame in the 1970s, with hits like "Hot Stuff" and "Last Dance.". As disco's popularity waned, Summer wrote songs for several different genres. Her song, "Starting Over Again," for Dolly Parton was a number-one country single in 1980. Her 1983 hit, "She Works Hard for the Money," became a pop-rock feminist anthem. Summer was a five-time Grammy winner, who's been sampled by artists from Beyonce to the Pet Shop Boys. The mother of three was buried in Nashville, her home since the 1990s