Reported about 1 month ago
Red Lobster is preparing to exit Chapter 11 bankruptcy after a judge approved its reorganization plan, which includes the acquisition by a lender group led by Fortress. Following significant losses and restaurant closures, the chain aims to operate about 544 locations in the U.S. and Canada post-bankruptcy, down from 578 at the time of filing. A new CEO has been appointed along with a commitment of over $60 million in funding as the company seeks to revitalize its operations.
Source: YAHOO