Red Lobster Escapes Bankruptcy, New CEO Damola Adamolekun Appointed 

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

RL Investor Holdings, a business founded by affiliates of Fortress Investment Group, TCW Private Credit, and Blue Torch, announced that it will operate Red Lobster and its 545 outlets independently. The same day, Adamolekun began his new role as CEO of the seafood chain.

“Red Lobster is now a stronger, more resilient company, and today marks the start of a new chapter in our history,” stated Red Lobster CEO Damola Adamolekun.

“Since opening our first restaurant in 1968, Red Lobster has focused on providing diners with high-quality seafood at reasonable pricing. I’ve been a Red Lobster fan since my first dining experience as a 9-year-old at our Springfield, Illinois, location, and as I’ve prepared to take on the role of CEO, I’ve met hundreds of diners across the country who, like me, are as passionate about Red Lobster now as they were on their first visit.”

In a press release, Adamolekun said the company has a “comprehensive and long-term investment plan” for the seafood restaurant chain.

Part of that plan “includes a commitment of more than $60 million in new funding, which will help us to deliver improvements across every aspect of our company,” according to the CEO.

Red Lobster sought Chapter 11 bankruptcy protection with the intention to “drive operational improvements, simplify the business through a reduction in locations, and pursue a sale of substantially all of its assets as a going concern,” it said at the time.

The seafood restaurant chain dates back to 1968, when Bill Darden launched the first restaurant.