Red Lobster cleared to exit Chapter 11 bankruptcy protection

Red Lobster was cleared to exit bankruptcy several months after financial woes compelled the seafood restaurant chain to close dozens of locations and file for Chapter 11.

Part of the blame was being placed on the chain's endless shrimp promotion.

On Thursday, Red Lobster Management LLC, which owns and operates the restaurant chain, received court approval of its Chapter 11 plan, which includes being acquired by RL Investor Holdings LLC, an entity backed by Fortress Investment Group.