Red Lobster Exits Bankruptcy; Damola Adamolekun Appointed CEO

The Red Lobster ® restaurant chain today announces its exit from Chapter 11 restructuring and the completion of its acquisition by RL Investor Holdings LLC.

Acquisition by RL Investor Holdings LLC Completed

Red Lobster is one of the world’s largest seafood restaurant chains

545 restaurants in 44 U.S. states and four Canadian provinces

“Red Lobster is now a stronger, more resilient company, and today is the start of a new chapter in our history,” said Damola Adamolekun, CEO of Red Lobster. “From the opening of our first restaurant in 1968, Red Lobster has focused on serving diners high-quality seafood at affordable prices. I’ve been a Red Lobster fan since my first dining experience as a 9-year-old at our Springfield, Ill, restaurant – and as I’ve prepared to step into the role of CEO, I’ve met hundreds of diners across the country who, just like me, are as passionate about Red Lobster now as they were on their first visit.”

Mr. Adamolekun continues, “As part of our new ownership structure, we have backers who have a history of making successful investments in restaurants. Our comprehensive and long-term investment plan for Red Lobster includes a commitment of more than $60 million in new funding which will help us to deliver improvements across every aspect of our company. I’m looking forward to working with our 30,000-strong team to bring our plan to life.”

Completion of acquisition by RL Investor Holdings LLC

RL Investor Holdings LLC has completed its acquisition of the Red Lobster restaurant chain. As a result of the acquisition, Red Lobster has exited its Chapter 11 bankruptcy restructuring. RL Investor Holdings LLC is an entity created by funds managed by affiliates of Fortress Investment Group LLC (“Fortress”), alongside co-investors TCW Private Credit and Blue Torch.

From today, Red Lobster is an independent, privately held company with 545 restaurant locations across 44 U.S. states and four Canadian Provinces.

Source: Restaurant News

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