Red Lobster Cleared to Exit Bankruptcy After Court Approval

The seafood chain will be acquired by RL Investor Holdings LLC and continue operations with new leadership and $60 million in funding.

Red Lobster's Chapter 11 reorganization plan has been approved by a U.S. judge.
The acquisition by RL Investor Holdings LLC is expected to close by the end of September.
Former P.F. Chang's CEO Damola Adamolekun will take over as the new CEO.
The chain will operate 544 locations across the U.S. and Canada.
Red Lobster faced significant financial challenges, including losses from an endless shrimp promotion.