Red Lobster Moves Ahead With Fortress Takeover Offer
- Fortress is closer to acquiring Red Lobster out of bankruptcy
- Red Lobster said it didn’t get better bids for its business
Red Lobster filed Chapter 11 in May after struggling for years with costly leases and declining sales.
Photographer: Ting Shen/BloombergThis article is for subscribers only.
Fortress Investment Group is closer to acquiring Red Lobster after the bankrupt seafood chain failed to net better offers for its business.
Red Lobster said in a Monday court filing that it didn’t receive any other qualified bids before a court-approved deadline and would instead take an existing offer from Fortress. The sale must be approved by a bankruptcy judge, though other Red Lobster creditors have previously said they support the transaction.