NEW YORK (AP) — After months of dozens of restaurant closings and headlines about “endless shrimp” woes, Red Lobster says it will soon exit from Chapter 11 bankruptcy protection. A U.S. bankruptcy judge on Thursday approved the casual seafood chain's reorganization plan, which includes a lender group led by asset manager Fortress acquiring the business. The green light arrives under just four months after Red Lobster filed for bankruptcy protection as it pursued a sale, following years of mounting losses and dwindling customers while it struggled to keep up with competitors.
Red Lobster says it will soon exit bankruptcy protection after judge approves seafood chain's sale