New owner nears purchase of Red Lobster after chain announced bankruptcy and closures

Category: Business

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.

Keywords: Red Lobster, bankruptcy, acquisition

Source: USA TODAY

Update At: 7/24/2024

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