Red Lobster to be purchased by an affiliate of SPB owner Fortress Investment Group

Category: Business

Red Lobster is set to be acquired by its largest creditor, Fortress Credit Corp., following its Chapter 11 bankruptcy filing. The deal, valued at approximately $375 million, comes after years of declining sales and a failed shrimp promotion. The bankruptcy court has scheduled a hearing to approve the sale, which follows a series of leadership changes and the closure of over 100 restaurants.

Keywords: Red Lobster, bankruptcy, Fortress Credit Corp.

Source: Nation's Restaurant News

Update At: 7/24/2024

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