Portland, Oregon Local News
Red Lobster Exits Chapter 11 Bankruptcy Protection – KXL
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FILE – Signs for a Red Lobster restaurant are shown in San Bruno, Calif., Tuesday, May 14, 2024. Red Lobster has filed for Chapter 11 bankruptcy protection days after shuttering dozens of restaurants. The seafood chain has been struggling for some time with lease and labor costs piling up in recent years and also promotions like its iconic all-you-can-eat shrimp deal. (AP Photo/Jeff Chiu, File)
(Associated Press) – Red Lobster, known for its affordable seafood and cheddary biscuits, has exited Chapter 11 bankruptcy protection.
A U.S. bankruptcy judge approved the casual seafood chain’s reorganization plan earlier this month, which included a lender group led by asset manager Fortress Investment Group acquiring the business.
Red Lobster is now an independent, privately-held company with 545 restaurant locations in 44 states and four Canadian provinces.
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Grant McHill
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