Red Lobster Announces Exit of Chapter 11 Bankruptcy, Will Operate 544 Locations

Published on September 6, 2024

Popular seafood chain Red Lobster will soon exit Chapter 11 bankruptcy after a recent court approval and be led under a new CEO, according to a Thursday company announcement. The company had filed for bankruptcy protection in May and announced plans to close 23 locations last week. Now, as part of its bankruptcy proceedings, the restaurant chain will remain independent and will be acquired by a new company by the end of September. “This is a great day for Red Lobster,” said Damola Adamolekun, the company’s new CEO. According to the announcement, Red Lobster Management LLC and its indirect operating subsidiaries will be acquired by RL Investor Holdings LLC, which is an entity of Fortress Investment Group LLC and co-investors Blue Torch and TCW Private Credit....

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