Red Lobster has emerged from bankruptcy following its Chapter 11 restructuring and acquisition, the company announced.
Earlier this month, a U.S. bankruptcy judge approved the seafood chain’s reorganization plan, which involved a lender group led by Fortress Investment Group taking ownership of the company.
The approval comes just four months after Red Lobster filed for bankruptcy protection in pursuit of a sale, after years of financial struggles, declining customer numbers, and increasing competition.
Damola Adamolekun, the former CEO of P.F. Chang’s, has been named Red Lobster’s new CEO. Adamolekun, who also leads RL Investor Holdings, previously outlined a long-term investment strategy for the company, including a commitment of over $60 million in new funding.
In a statement, Adamolekun remarked, “Red Lobster is now a stronger, more resilient company, and today marks the beginning of a new chapter in our history.”
Which Red Lobsters Are Closing in Georgia?
In Georgia, specifically metro Atlanta, these Red Lobsters are closing their doors permanently.
- 1050 Holcomb Bridge Road, Roswell
- 1956 W. Broad Street, Athens
- 2105 Veterans Blvd., Dublin
The restaurant announced the news days before Red Lobster filed for bankruptcy.
