The Orlando, Florida, USA-headquartered Red Lobster seafood restaurant chain on September 16 announced its emergence from Chapter 11 bankruptcy restructuring and the completion of its acquisition by RL Investor Holdings LLC.
“We are now a stronger, more resilient company, and this is the start of a new chapter in our history,” said newly appointed CEO Damola Adamolekun (pictured above). “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 fan since my first dining experience as a nine-year-old at our Red Lobster restaurant in Springfield, Illinois. And as I’ve prepared to step into the role of chief executive officer, 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.”
Adamolekun added: “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.”
The chain, a major buyer of frozen fish products from international suppliers, is one of the world’s largest seafood restaurant companies. It currently operates 545 units in 44 US states and four Canadian provinces.
