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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 it 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.
FGS Global represents Copart as the online vehicle auction company acquires auto marketplace and data services business ACV, a Joele Frank client, in a deal valued at $1.9B.
BGR Group represents Noble Supply and Logistics as it files for Chapter 11 due to a change in its weapons support contract with the Defense Logistics Agency.
C Street Advisory Group is handling the Chapter 11 filing of LIV Golf following the move by Saudi Arabia’s Public Investment Fund to pull the financial plug on the League. (Updated)
Teneo handles Bamboo Insurance Services as the Midvale, UT-based marketer of homeowner policies files a Form S-1 statement with the SEC for an initial public offering.
FTI Consulting handles West Marine as the nation’s leading retailer of marine parts and accessories for boating, fishing and sailing enthusiasts emerges from Chapter 11 bankruptcy.
