Red Lobster » currently operates 545 locations and has recently undergone a significant transformation, emerging from bankruptcy with new management. The seafood chain successfully completed its Chapter 11 restructuring and has been acquired by RL Investor Holdings LLC, which is supported by funds managed by affiliates of Fortress Investment Group, along with additional investments from TCW Private Credit and Blue Torch.
The company has appointed Damola Adamolekun » , the former CEO of P.F. Chang’s, as its new CEO. Prior to this, Adamolekun served as an operating partner at Garnett Station Partners, which manages a portfolio of brands including Pollo Tropical, Primanti Bros, Twin Peaks, Checkers, and Carrols Restaurant Group. He led P.F. Chang’s China Bistro from 2019 to 2023, bringing a wealth of experience to his new role at Red Lobster.
Adamolekun expressed optimism about the future, stating, “Red Lobster is embarking on a new chapter as a stronger and more resilient company.” He shared his personal connection to the brand, recalling his first visit to a Red Lobster restaurant at the age of 9. His enthusiasm is echoed by many diners across the nation, highlighting their enduring passion for the brand.
Before declaring bankruptcy, Red Lobster closed over ninety restaurants, followed by additional closures and an auction of restaurant equipment. As of September 16, the chain operates 544 locations across 44 U.S. states and four Canadian provinces, officially claiming to be an independent, privately held corporation. Read More »
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