Red Lobster has a new owner following restaurant closures in NC, countrywide

Several months after declaring Chapter 11 bankruptcy and closing stores across the nation , buzz on seafood restaurant chain Red Lobster has begun once again - this time surrounding a new owner.

The closures included 87 restaurants, with equipment from 48 of those restaurants auctioned off. Among the locations closed as Red Lobster attempted to restructure debts were four of North Carolina's six locations in Burlington , Cary , Durham and Rocky Mount .

This Tuesday, July 23, USA Today reporting revealed that a stalking horse bidder was set to become the chain's new owner. Here's what we know about the new development in Red Lobster's rocky recent history.

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Who is the new owner of Red Lobster?

Court documents show that Red Lobster was purchased by a newly formed entity organized and controlled by Fortress Credit Corp. RL Purchaser LLC, consisting of Red Lobster's lenders, is set to acquire the company's remaining assets.

How much was Red Lobster bought for?

RL Purchaser LLC acquired the chain for $376 million.

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What is a stalking horse bidder?

USA TODAY reporting explained that a stalking horse bidder places an initial bid on the assets of a bankrupt company, in this case Red Lobster. The bankrupt company chooses an entity from a pool of bidders to make the first bid on the firm's remaining assets, the "stalking horse" who sets the low-end bidding bar under which no other bidders can offer a purchase price.

The same piece from USA TODAY said that the stalking horse bidder won the auction by default after it was canceled when no bidders came forward before the company's July 18 deadline.

What does the sale mean for Red Lobster?

Red Lobster CEO Jonathan Tibus explained in a 124-page bankruptcy document that the sale should mean the company has more flexibility to reorganize. The chain hopes to improve efficiency of its marketing and supply chain management and enhance customer experience and operational effectiveness.

Tibus also detailed a "three-prong strategic priority plan." The plan includes:

1. Making sure Red Lobster is a "great place to work" by focusing on employee culture and retention.
2. Continuing to provide "consistent experiences and excellent customer service."
3. Reducing the company's cost structure without compromising quality.

Finally, Tibus said Red Lobster is continuing to identify and eliminate nonproductive spending across all departments. It is unclear if Tibus will continue to serve as CEO following the sale of the company.

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Jonathan Limehouse, USA TODAY, contributed to this report.

Iris Seaton is the trending news reporter for the Asheville Citizen Times, part of the USA TODAY Network. Reach her at iseaton@citizentimes.com.

This article originally appeared on Asheville Citizen Times: Red Lobster has a new owner following restaurant closures in NC, countrywide