Tue Sep 10 16:52:00 UTC 2024: ## Red Lobster Escapes Bankruptcy, All Canadian Locations Remain Open
**Toronto, Canada -** Seafood chain Red Lobster has been given the green light to exit bankruptcy, with a Canadian court approving its reorganization plan. The plan, previously approved by a U.S. bankruptcy judge, will see all 27 Red Lobster restaurants in Canada remain open.
The restructuring plan, contingent on Canadian court approval, will see a lender group headed by asset manager Fortress take ownership of the business. A new CEO will be appointed and more than US$60 million in new funding will be injected into the company. Red Lobster will continue operating as an independent entity.
The plan will reduce the overall number of Red Lobster locations from 578 to 544, with approximately half remaining operational. The acquisition is expected to be finalized by the end of September.
First Piper 