Red Lobster has 545 open locations, new management, and has emerged from bankruptcy.
The seafood chain, which previously filed for bankruptcy, has successfully completed its Chapter 11 restructuring and was acquired by RL Investor Holdings LLC. This entity is backed by funds managed by affiliates of Fortress Investment Group, with additional investment from TCW Private Credit and Blue Torch.
As announced earlier, Damola Adamolekun, formerly CEO of P.F. Chang’s, has taken on the role of CEO at Red Lobster. Most recently, Adamolekun served as an operating partner at Garnett Station Partners, which includes brands like Pollo Tropical, Primanti Bros, Twin Peaks, Checkers, and Carrols Restaurant Group. Prior to that, he was CEO of P.F. Chang’s China Bistro from 2019 to 2023.
“Red Lobster is embarking on a new chapter as a stronger and more resilient company,” Adamolekun remarked. “I’ve been a fan of Red Lobster since my first visit at the age of 9 in Springfield, Ill. As I step into the role of CEO, I’ve connected with numerous diners nationwide who share my enthusiasm for Red Lobster, reflecting their enduring passion for our brand.
Red Lobster closed over ninety of its restaurants right before declaring bankruptcy. After that, it closed many more and put restaurant equipment up for auction. With 544 sites spread over 44 U.S. states and four Canadian provinces, Red Lobster claimed to be an independent, privately held corporation as of September 16.
“We have backers who have a track record of making profitable restaurant investments as part of our new ownership structure,” Adamolekun stated. “We have dedicated over $60 million to a comprehensive, long-term investment plan for Red Lobster. This funding will allow us to improve every aspect of our business. I am eager to achieve our objectives with the support of our 30,000-strong team.”
