Red Lobster exits Chapter 11 bankruptcy with sale to RL Investor Holdings, led by Fortress Investment Group.

Red Lobster is poised to exit Chapter 11 bankruptcy after a U.S. judge approved its reorganization plan and sale to RL Investor Holdings, led by Fortress Investment Group. The chain, which filed for bankruptcy in May due to ongoing losses and declining customers, will operate approximately 544 locations in the U.S. and Canada after the transition. New leadership under Damola Adamolekun aims to revitalize the brand with over $60 million in funding.

September 05, 2024
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