New owner nears purchase of Red Lobster after chain announced bankruptcy and closures
Red Lobster is set to be acquired by RL Purchaser LLC, a bidder controlled by Fortress Credit Corporation, for $376 million after filing for Chapter 11 bankruptcy. The acquisition follows a lack of other bidders and aims to provide the chain with operational flexibility to improve marketing, supply chain management, and customer experience. CEO Jonathan Tibus has outlined a strategic plan focusing on employee culture, customer service, and cost reduction.
USA TODAY