New York CNN —Two months after filing for bankruptcy, Red Lobster is close to emerging with a new owner. Fortress is one of Red Lobster’s largest lenders and has financed the restaurant chain’s operations, including a new $100 million loan that allowed Red Lobster to stay afloat during its bankruptcy proceedings. Red Lobster has closed around 100 restaurants in recent months and has said it wants to close several dozen more locations. Mismanagement, competition, inflation and other factors brought down Red Lobster, which has been a pioneer in the restaurant industry. Red Lobster cut costs, removed longtime suppliers and implemented strategies that backfired, such as making $20 endless shrimp a permanent menu item.

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