The Trader Harbor
  • Business
  • Politics
  • World News
  • Stocks
  • Business
  • Politics
  • World News
  • Stocks

The Trader Harbor

Business

Red Lobster cleared to exit Chapter 11 bankruptcy

by admin September 6, 2024
September 6, 2024
Red Lobster cleared to exit Chapter 11 bankruptcy

A bankruptcy court approved Red Lobster’s plan to exit Chapter 11, putting the seafood chain one step closer to exiting bankruptcy.

The company, known for its seafood offerings and cheddar biscuits, filed for bankruptcy protection in May. Red Lobster had struggled with increased competition, expensive leases, last year’s disastrous shrimp promotion and a broader pullback in consumer spending.

As part of the restructuring plan, a group of investors under the name RL Investor Holdings will acquire Red Lobster by the end of the month. Once the acquisition closes, former P.F. Chang’s CEO Damola Adamolekun will step in to lead Red Lobster. Current CEO Jonathan Tibus, who led the company through bankruptcy, will leave Red Lobster.

“This is a great day for Red Lobster,” Adamolekun said in a statement. “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.”

RL Investor Holdings includes TCW Private Credit, Blue Torch and funds managed by affiliates of Fortress Investment Group. Red Lobster will operate as an independent company.

After slimming down its restaurant portfolio, the chain currently operates 544 restaurants across the U.S. and Canada.

At least nine other restaurant chains have filed for bankruptcy this year. High interest rates and a pullback in consumer spending have weighed on eateries, particularly if they were already struggling to bounce back from the pandemic.

This post appeared first on NBC NEWS

0
FacebookTwitterGoogle +Pinterest
previous post
Nvidia’s $279 billion wipeout — the biggest in U.S. history — drags down global chip stocks
next post
Why the LA Rams are worth $2 billion more than the LA Chargers

Related Posts

The fight over credit card swipe fees enters...

January 7, 2025

Johnson & Johnson to pay $6.5 billion to...

May 6, 2024

65-year-old quit his job and emptied his life...

July 18, 2024

Protesters stage sit-in outside New York Stock Exchange...

October 16, 2024

Microsoft to cut 3% of its workforce

May 14, 2025

Mattel says Barbies and Hot Wheels could soon...

February 6, 2025

Home price growth is back at pre-pandemic levels....

March 27, 2024

Biden administration to require advanced safety tech on...

April 30, 2024

United Airlines expects busiest spring break ever despite...

March 6, 2024

Amazon surpasses Walmart in revenue for the first...

February 22, 2025

    Stay updated with the latest news, exclusive offers, and special promotions. Sign up now and be the first to know! As a member, you'll receive curated content, insider tips, and invitations to exclusive events. Don't miss out on being part of something special.


    By opting in you agree to receive emails from us and our affiliates. Your information is secure and your privacy is protected.

    Latest

    • Orange juice importer says Brazil tariffs will squeeze American consumers

      July 23, 2025
    • The Real Drivers of This Market: AI, Semis & Robotics

      July 23, 2025
    • Tech Taps the Brakes, Homebuilders Hit the Gas: See the Rotation on StockCharts Today

      July 23, 2025
    • GOP lawmakers advocate for US condemnation of persecution against Christians in Muslim-majority nations

      July 23, 2025
    • ‘Not going away’: Inside the Epstein drama that’s thrown House GOP into chaos

      July 23, 2025
    • Obama denies Trump’s ‘bizarre allegations’ that he was Russiagate ‘ringleader’ in rare statement

      July 23, 2025

    Categories

    • Business (1,300)
    • Politics (4,060)
    • Stocks (1,538)
    • Uncategorized (45)
    • World News (1,293)
    • About us
    • Contact us
    • Privacy Policy
    • Terms & Conditions

    Disclaimer: TheTraderHarbor, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

    Copyright © 2025 thetraderharbor.com | All Rights Reserved