After months of uncertainty and even some help from Flavor Flav, Red Lobster is making a comeback from its recent woes.
The beloved seafood chain, known for its endless shrimp deals and iconic cheddar biscuits, has officially exited Chapter 11 bankruptcy protection. With a new ownership structure and fresh leadership in place, Red Lobster is gearing up for an exciting new chapter.
On Thursday, a U.S. bankruptcy judge gave the green light to Red Lobster’s reorganization plan, clearing the way for a major acquisition by a lender group led by asset management firm Fortress. This monumental deal, expected to close by the end of September, means the chain will continue to operate as an independent company—and that’s not all. Red Lobster is also welcoming a brand-new CEO, Damola Adamolekun, former CEO of P.F. Chang’s, who’s ready to steer the ship toward a brighter future.
This news comes just four months after the Orlando-based chain filed for bankruptcy protection. Despite facing mounting losses, restaurant closures, and fierce competition, Red Lobster’s leadership remained committed to simplifying the business and rebuilding its loyal customer base. Though they closed several locations, the brand plans to operate about 544 restaurants across the U.S. and Canada, ready to serve up fan favorites to seafood lovers everywhere.
Adamolekun, who was tapped by Fortress to lead RL Investor Holdings—the entity acquiring Red Lobster—expressed his optimism, saying the chain “has a tremendous future” ahead. He also thanked outgoing CEO Jonathan Tibus for guiding the company through the bankruptcy process. And with over $60 million in new funding being injected into Red Lobster, things are looking up for this seafood giant.
Red Lobster’s legacy stretches back 56 years when Bill Darden founded it in 1968. From its humble beginnings, the brand has gone through several ownership changes and ups and downs, including the infamous “Endless Shrimp” crisis last year. But with a new leadership team, solid financial backing, and its loyal fan base, Red Lobster is ready to reclaim its spot as a seafood favorite.
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