I disagree. The land became valuable enough to close the entire chain, so they land could be sold.
If the hedge fund wasn’t so concerned about quick profit they could have explored how the chain could work, but they did not do that. They just closed the chain and sold the land. The land was the reason for buying the chain.
You apparently missed mine and others previous messages where we said the VC/hedge fund most likely does not own the land. Just about every Red Lobster is in the parking lot of some kind of mall. The land belongs to the Mall owner. Closing the restaurants will yield zero profit for the VC/hedge fund, and could even incur a cost for termination of the lease.