Red Lobster says it will soon exit bankruptcy protection after judge approves seafood chain's sale

After months of dozens of restaurant closings and headlines about “endless shrimp” woes, Red Lobster is poised to soon exit from Chapter 11 bankruptcy protection. A U.S. bankruptcy judge on Thursday approved the casual seafood chain’s reorganization plan and sale to a lender group led by asset manager Fortress. The green light arrives under just four months after Red Lobster filed for bankruptcy protection. That following years of mounting losses and dwindling customers while it struggled to keep up with competitors. Red Lobster is expected to operate about 544 locations across the U.S. and Canada upon emerging from bankruptcy. Under terms of the acquisition, which is expected to close at the end of September, the chain will continue to operate as an independent company.