Red Lobster Exits Bankruptcy; Damola Adamolekun appointed CEO

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

ORLANDO, Fla., Sept. 16, 2024 /PRNewswire/ -- The Red Lobster^® restaurant chain today announces its exit from Chapter 11 restructuring and the completion of its acquisition by RL Investor Holdings LLC.

"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.

About Red Lobster
Red Lobster is one of the world's largest and most-loved seafood restaurant company, headquartered in Orlando, Fla. With a proud heritage, Red Lobster is focused on serving the highest quality, freshly prepared seafood that is traceable, sustainable, and responsibly sourced. To learn more about Red Lobster, including locations and menu options, please visit http://www.redlobster.com or find us on Facebook, X, Instagram, Threads, or TikTok.

Contact: [email protected]

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SOURCE Red Lobster Seafood Co.