After months of dozens of restaurant closings and headlines about 'endless shrimp' woes, Red Lobster is poised to soon exit from Chapter 11 bankruptcy protection.
Thursday, September 5, 2024 6:59PMAfter months of dozens of restaurant closings and headlines about "endless shrimp" woes, Red Lobster is poised to soon exit from Chapter 11 bankruptcy protection.
A U.S. bankruptcy judge on Thursday approved the casual seafood chain's reorganization plan and sale to a lender group led by asset manager Fortress. The green light arrives under just four months after Red Lobster filed for bankruptcy protection as it pursued a sale, following years of mounting losses and dwindling customers while it struggled to keep up with competitors.
Red Lobster said Thursday that it expects to operate about 544 locations across the U.S. and Canada upon emerging from bankruptcy. That's down from 578 disclosed as of May's filing. Under terms of the acquisition, which is expected to close at the end of September, the chain will continue to operate as an independent company.
Red Lobster Bankruptcy Red Lobster Seafood Restaurant Chain Will Soon Exit From Chapter 11 Bankruptcy Protect Judge Approves Sale To New Owner 15271388
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