Red Lobster may survive its financial struggles by being rescued by its lenders.
ORLANDO, FL (StLouisRestaurantReview)—According to local news station WFTV 9, Red Lobster Management LLC filed its “designation of the successful bidder” on July 22, 2024.
The chain will be owned by RL Purchaser, LLC, a stalking horse bidder made up of the chain’s lenders willing to pay $376 million. It appears that the lenders have faith in the concept but not the management.
If plans are carried out, the transaction will transfer the equity to the new buyer rather than buy the company’s assets. However, these plans are subject to change. Stay tuned for further details.
Hopefully, they will be able to continue serving their biscuits.
