Red Lobster finally has a new owner

Category: Business

Red Lobster is set to be acquired by Fortress Investment Group after failing to receive competitive bids during its bankruptcy proceedings. The seafood chain filed for Chapter 11 bankruptcy in May, citing issues with a lease-back agreement and declining revenues. Fortress plans to acquire the chain through a credit bid, pending court approval.

Keywords: Red Lobster, Fortress Investment Group, bankruptcy

Source: Quartz

Update At: 7/24/2024

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