Red Lobster exits Chapter 11 bankruptcy under Fortress Investment Group's acquisition.

Red Lobster has successfully exited Chapter 11 bankruptcy protection following a U.S. bankruptcy judge's approval of its reorganization plan. The plan involved acquisition by a lender group led by Fortress Investment Group. Now an independent, privately-held company, Red Lobster operates 545 locations across 44 states and four Canadian provinces. New CEO Damola Adamolekun, previously of P.F. Chang's, has committed over $60 million for future growth.

September 16, 2024
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