Red Lobster Plans for Future After Bankruptcy, Revitalizing Storied Restaurant Brand

Upon completion, Damola Adamolekun will take over as CEO, replacing Jonathan Tibus, who has led the company through its restructuring.Photo byLouis HanselonUnsplash

Red Lobster Management LLC, the operator of the Red Lobster® restaurant chain, has received court approval for its Chapter 11 restructuring plan. As part of the plan, RL Investor Holdings LLC, an entity backed by Fortress Investment Group LLC, TCW Private Credit, and Blue Torch, will acquire the restaurant chain. The acquisition is expected to close by the end of September.

Upon completion, Damola Adamolekun will take over as CEO, replacing Jonathan Tibus, who has led the company through its restructuring. Adamolekun expressed excitement about the future, with a $60 million investment aimed at revitalizing the brand and its 544 locations across the U.S. and Canada.

Tibus praised the company's progress during the restructuring, stating, "Red Lobster will emerge stronger, with new backers focused on investment and growth."