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Red Lobster sale approved by judge: What does it mean for the remaining restaurants?

8 0
06.09.2024

(NEXSTAR) – On Thursday, Red Lobster announced its upcoming acquisition by an entity known as RL Investor Holdings LLC, after the plan was approved by a U.S. bankruptcy judge amid the restaurant chain’s financial woes.

“This is a great day for Red Lobster,” said Damola Adamolekun, who will succeed Jonathan Tibus as CEO of Red Lobster when the sale is complete. “With our new backers, we have a comprehensive and long-term investment plan — including a commitment of more than $60 million in new funding — that will help to reinvigorate the iconic brand while keeping the best of its history.”

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Red Lobster had initially announced plans to file for Chapter 11 bankruptcy in May, after years of financial hurdles that included rising labor costs and all-you-can-eat promotions........

© The Hill


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