Red Lobster Restaurants declared bankruptcy earlier this year, and subsequently shut down many locations.

Naturally, people were freaking out over the fact that the Cheddar Bay Biscuits were going away, as would the endless shrimp possibilities — but hold onto your biscuits, Red Lobster isn’t closing up shop just yet.

Is Red Lobster Closing Down?

As Red Lobster entered into Chapter 11 bankruptcy, their future seemed uncertain. Then, on top of that, they randomly closed some locations and even auctioned off the contents of entire stores.

That’s when it got dark, and it seemed as if we were doomed to lose a childhood favorite and American staple.

But fear not: A judge just approved Red Lobster’s Chapter 11 bankruptcy filing, thus clearing the way for a sale and possibly a resurgence.

According to Nation’s Restaurant News, the new proposed owner is RL Investor Holdings LLC. It was created by funds managed by affiliates of Fortress as well as TCW Private Credit and Blue Torch Capital.

That sounds like a lot of mumbo jumbo, but it equals a lot of firms and people joining together that have a lot of money to throw around, who want to rescue the floundering seafood chain.

It is to be noted that these aren’t just regular firms: Fortress also owns SPB Hospitality, which owns Krystal, Logan’s Roadhouse, J. Alexander’s, Gordon Biersch Brewery Restaurant, and more.

By the end of September, the sale should be complete, and Red Lobster has a new CEO in place. So, all signs point to the revival of the Cheddar Bay Biscuits, and the re-thriving of the once monster seafood chain, Red Lobster.

Evan Paul is the host of Taste of Country Nights, a syndicated radio show heard on more than 130 country radio stations nationwide, every night from 7PM to midnight. The radio show reaches over 21 million listeners per week. He plays the best new country music and interviews today’s top stars, like Luke Combs, Morgan Wallen, Kenny Chesney, Miranda Lambert, Dan + Shay, Keith Urban, Carrie Underwood, Luke Bryan, Chris Stapleton, Lady A, + more!