Red Lobster, the iconic seafood chain, has officially exited Chapter 11 bankruptcy following its acquisition by RL Investor Holdings LLC, a group backed by Fortress Investment Group.
The company has named 35-year-old Damola Adamolekun as its new CEO, marking a milestone in both the restaurant’s history and the career of this rising Black business leader.
New Leadership Ushers in a Fresh Chapter for Red Lobster
With a new ownership structure in place and fresh leadership at the helm, Red Lobster is positioning itself for a comeback.
Adamolekun, who previously served as the CEO of P.F. Chang’s, is no stranger to leading major restaurant chains.
During his tenure at P.F. Chang’s, he generated over $1 billion in revenue annually, making him well-equipped to steer Red Lobster through its post-bankruptcy recovery.
“Red Lobster is now a stronger, more resilient company,” Adamolekun said in a press release.
“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.”
$60 Million Investment to Propel Growth
Under the new ownership, Red Lobster is set to receive a $60 million capital infusion aimed at revitalizing the brand and improving operations across its 545 locations in the U.S. and Canada.
Adamolekun’s leadership will be key in executing this long-term investment plan.
The company’s restructuring comes at a time when it has already closed several locations, but Adamolekun remains optimistic about maintaining its footprint and continuing to offer quality seafood at affordable prices.
With 30,000 employees under his leadership, Adamolekun’s vision is to enhance customer experiences while creating a sustainable path forward for the brand.
Feature Image Credit: Fortune
