Red Lobster exits Chapter 11 bankruptcy protection

Red Lobster, known for its affordable seafood and cheddary biscuits, has exited Chapter 11 bankruptcy protection.

A U.S. bankruptcy justice approved the casual seafood chain's reorganization program earlier this month, which included a lender radical led by plus manager Fortress Investment Group acquiring the business. The greenish airy arrives nether conscionable 4 months aft Red Lobster filed for bankruptcy extortion arsenic it pursued a sale, pursuing years of mounting losses and dwindling customers portion it struggled to support up with competitors.

The Orlando, Florida-based chain, which mislaid $76 cardinal successful 2023, shuttered dozens of its North American restaurants implicit caller months - some starring up to and during the bankruptcy process. That included much than 50 locations whose instrumentality was enactment up for auction conscionable days earlier the Chapter 11 petition, followed by further closures passim the bankruptcy process.

Red Lobster's caller CEO is Damola Adamolekun, erstwhile main enforcement of P.F. Chang's. Adamolekun was antecedently appointed to caput RL Investor Holdings, the recently formed entity that acquired Red Lobster. He antecedently said that the company's semipermanent concern program included a committedness of much than $60 cardinal successful caller funding.

"Red Lobster is present a stronger, much resilient company, and contiguous is the commencement of a caller section successful our history," Adamolekun said successful a connection connected Monday.

Red Lobster is present an independent, privately-held institution with 545 edifice locations successful 44 states and 4 Canadian provinces.

The video successful the subordinate supra is from a erstwhile report.