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Red Lobster exits Chapter 11 bankruptcy protection

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Red Lobster exits Chapter 11 bankruptcy protection
News

News

Red Lobster exits Chapter 11 bankruptcy protection

2024-09-17 01:59 Last Updated At:02:00

Red Lobster, known for its affordable seafood and cheddary biscuits, has exited Chapter 11 bankruptcy protection.

A U.S. bankruptcy judge approved the casual seafood chain’s reorganization plan earlier this month, which included a lender group led by asset manager Fortress Investment Group 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.

The Orlando, Florida-based chain, which lost $76 million in 2023, shuttered dozens of its North American restaurants over recent months — both leading up to and during the bankruptcy process. That included more than 50 locations whose equipment was put up for auction just days before the Chapter 11 petition, followed by additional closures throughout the bankruptcy process.

Red Lobster's new CEO is Damola Adamolekun, former chief executive of P.F. Chang’s. Adamolekun was previously appointed to head RL Investor Holdings, the newly formed entity that acquired Red Lobster. He previously said that the company’s long-term investment plan included a commitment of more than $60 million in new funding.

“Red Lobster is now a stronger, more resilient company, and today is the start of a new chapter in our history,” Adamolekun said in a statement on Monday.

Red Lobster is now an independent, privately-held company with 545 restaurant locations in 44 states and four Canadian provinces.

Red Lobster exits Chapter 11 bankruptcy protection

Red Lobster exits Chapter 11 bankruptcy protection

FILE - Signage at a Red Lobster restaurant, May 20, 2024, in Lincolnwood, Ill. (AP Photo/Teresa Crawford, File)

FILE - Signage at a Red Lobster restaurant, May 20, 2024, in Lincolnwood, Ill. (AP Photo/Teresa Crawford, File)

Red Lobster exits Chapter 11 bankruptcy protection

Red Lobster exits Chapter 11 bankruptcy protection

ATLANTA (AP) — Will Howard transferred to Ohio State to win a national championship, and he reached that goal by playing the best football of his career throughout the Buckeyes' four games in the College Football Playoff.

He was never better than in the first half and at the end of Ohio State's 34-23 victory over Notre Dame on Monday night.

Howard connected on his first 13 passes to set the record for consecutive completions in a CFP title game. And on third-and-11 after the Fighting Irish had pulled within eight points, he lofted a pass to Jeremiah Smith for a 56-yard gain that all but sealed the win.

“I give this guy a lot of credit right here,” Buckeyes coach Ryan Day said with Howard sitting to his left. “I think he ran the ball 16 times, and we knew it was going to be that way. It was the last game of the season, and we were going to (use all) our bullets. He really put the team on his back.”

Howard arrived in Atlanta with a hot hand, and the Irish did nothing to cool him off early. He spread the ball among six receivers, often throwing short and letting them pick up yards after the catch.

He tied the mark for consecutive completions late in the second quarter when he hit Carnell Tate for 20 yards on third-and-7, then broke it with a 15-yard pass to Smith two plays later.

The streak ended when Notre Dame safety Xavier Watts broke up a pass intended for TreVeyon Henderson near the goal line.

“Coming into the season, one thing Coach Day emphasized was taking completions,” Howard said. “Maybe I had to check it down or it wasn't perfectly drawn up. You just want to keep the ball moving and stay on schedule."

Alabama’s Mac Jones set the previous record with 12 completions in a row against Ohio State in the 2021 title game.

Howard finished 17 of 21 for 231 yards and was selected offensive MVP of the game. He threw touchdown passes of 8 yards to Smith and 6 yards to Quinshon Judkins in the first half.

Over his four playoff games, Howard completed 75.2% of his throws (82 of 109) for 1,150 yards and eight touchdowns with two interceptions

“It can be a lot,” Howard said. “The lights are bright. It's a spectacle. The TV timeouts are long; everything's a show a little bit. You have to block that out and eliminate all the distractions. It's about whoever has the poise in the noise and overcomes adversity.”

Howard's passing against the Irish overshadowed the tough running he did when it was called for. He picked up first downs on five of his first six designed runs or scrambles, and late in the game his 8-yard burst gave the Buckeyes a big first down. He had a career-high 16 carries for a season-best 57 yards.

“It may not always be pretty and sometimes you have to pick it up with your legs,” he said.

Howard played his first four years at Kansas State, where he battled injuries and lost a quarterback competition in 2022 before an injury to the starter put him in position to lead the Wildcats to a Big 12 championship. He was second-team All-Big 12 in 2023, and Day saw enough in Howard to sign him out of the transfer portal.

The opportunity to play with some of the most talented offensive players in the country made Howard better and positioned him to potentially be a middle- or late-round pick in the NFL draft.

“I saw something in him, a football IQ intelligence,” Day said. “I saw him play on film at Kansas State and win championships and win big games and being able to make an impact with his feet but also throw with accuracy, and those are hard things to find.”

Howard said going to Ohio State was the best decision of his life.

“It's crazy to look back at all that's happened during my career — going from playing as a freshman at Kansas State and not really knowing what I'm doing and going into my junior year, not thinking I'd be playing and then winning a Big 12 championship. I'm just so unbelievably thankful that I got a chance to be a Buckeye, even if it was just one year.”

Get poll alerts and updates on the AP Top 25 throughout the season. Sign up here. AP college football: https://apnews.com/hub/ap-top-25-college-football-poll and https://apnews.com/hub/college-football

Ohio State quarterback Will Howard passes against Notre Dame during second half of the College Football Playoff national championship game Monday, Jan. 20, 2025, in Atlanta. (AP Photo/Butch Dill)

Ohio State quarterback Will Howard passes against Notre Dame during second half of the College Football Playoff national championship game Monday, Jan. 20, 2025, in Atlanta. (AP Photo/Butch Dill)

Ohio State quarterback Will Howard celebrates after a touchdown by running back Quinshon Judkins during second half of the College Football Playoff national championship game against Notre Dame Monday, Jan. 20, 2025, in Atlanta. (AP Photo/Jacob Kupferman)

Ohio State quarterback Will Howard celebrates after a touchdown by running back Quinshon Judkins during second half of the College Football Playoff national championship game against Notre Dame Monday, Jan. 20, 2025, in Atlanta. (AP Photo/Jacob Kupferman)

Ohio State quarterback Will Howard celebrates after a touchdown by running back Quinshon Judkins during second half of the College Football Playoff national championship game against Notre Dame Monday, Jan. 20, 2025, in Atlanta. (AP Photo/Jacob Kupferman)

Ohio State quarterback Will Howard celebrates after a touchdown by running back Quinshon Judkins during second half of the College Football Playoff national championship game against Notre Dame Monday, Jan. 20, 2025, in Atlanta. (AP Photo/Jacob Kupferman)

Ohio State quarterback Will Howard passes against Notre Dame during first half of the College Football Playoff national championship game Monday, Jan. 20, 2025, in Atlanta. (AP Photo/Jacob Kupferman)

Ohio State quarterback Will Howard passes against Notre Dame during first half of the College Football Playoff national championship game Monday, Jan. 20, 2025, in Atlanta. (AP Photo/Jacob Kupferman)

Ohio State quarterback Will Howard passes against Notre Dame during first half of the College Football Playoff national championship game Monday, Jan. 20, 2025, in Atlanta. (AP Photo/Jacob Kupferman)

Ohio State quarterback Will Howard passes against Notre Dame during first half of the College Football Playoff national championship game Monday, Jan. 20, 2025, in Atlanta. (AP Photo/Jacob Kupferman)

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