Red Lobster Exits Chapter 11 Bankruptcy Protection

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.