Milwaukee Bucks’ billionaire co-owner wants to save Red Lobster from bankruptcy
NY Post
A Wall Street investment firm run by billionaire Milwaukee Bucks co-owner Wesley Edens could swoop in to save Red Lobster from bankruptcy, according to a report.
Fortress Investment Group, the $48 billion private equity firm that specializes in rehabilitating distressed businesses, is the most likely company that is expected to take charge of the struggling casual dining chain as it looks to climb out of Chapter 11, according to Bloomberg News.
Executives at Fortress, which was founded by Edens, Rob Kauffman and Randal Nardone, are poring over Red Lobster’s books in an attempt to figure out why its restaurants are failing, Bloomberg News reported.
Fortress, which already holds a large chunk of Red Lobster’s debt, is also reportedly mapping out a strategy for the restaurant chain’s comeback by identifying which regions and demographics would best support a revival of its popularity.
Edens’ firm is particularly keen on shedding Red Lobster’s onerous lease agreements that have put a major dent in its bottom line, according to Bloomberg News.
The Post has sought comment from Fortress and Red Lobster.
