Red Lobster exits bankruptcy, announces new chapter for stories American seafood chain

Red Lobster as an independent, privately held company with 545 locations across 44 U.S. states and four Canadian provinces.Photo byBrian J. TromponUnsplash

Red Lobster has officially exited Chapter 11 restructuring and announced its acquisition by RL Investor Holdings LLC, marking the start of a new chapter for the iconic seafood chain. Damola Adamolekun has been appointed as the company's CEO, expressing his enthusiasm for the brand's future. Adamolekun, a longtime fan of Red Lobster, emphasized the chain's commitment to serving high-quality seafood at affordable prices since its first restaurant opened in 1968.

With the backing of RL Investor Holdings LLC, Red Lobster has secured over $60 million in new funding to enhance operations and improve customer experiences. The acquisition by RL Investor Holdings LLC, an entity formed by Fortress Investment Group and co-investors TCW Private Credit and Blue Torch, positions Red Lobster as an independent, privately held company with 545 locations across 44 U.S. states and four Canadian provinces.

Adamolekun looks forward to working with Red Lobster's 30,000-strong team to implement the company’s long-term investment plan and continue building on its rich history.