The Red Lobster restaurant chain exited from chapter 11 restructuring and completed its acquisition by RL Investor Holdings.
“Red Lobster is now a stronger, more resilient company, and today is the start of a new chapter in our history. From the opening of our first restaurant in 1968, Red Lobster has focused on serving diners high-quality seafood at affordable prices,” Damola Adamolekun, CEO of Red Lobster. “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.”
“As part of our new ownership structure, we have backers who have a history of making successful investments in restaurants,” Adamolekun said. “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.”
