Reported about 1 month ago
Red Lobster has received court approval to restructure and emerge from bankruptcy, now under the ownership of Fortress Investment Group and its lenders. The restructuring will keep all 544 locations open and preserve approximately 30,000 jobs, with over $60 million in new funding pledged to revitalize the brand. The company, which filed for bankruptcy citing $300 million in debt, plans to move forward after failing to attract outside bidders.
Source: YAHOO