Red Lobster Rescued From Bankruptcy, Now Run By Former P.F. Chang's CEO

Remember when Red Lobster filed for Chapter 11 bankruptcy back in May of 2024? The chain, it seems, is entering its redemption arc after hitting rock bottom and is changing hands to finally leave bankruptcy behind. After the sale had been looming for weeks, The U.S. Bankruptcy Court for the Middle District of Florida approved Red Lobster's bankruptcy plan on September 5, 2024, and a press release on the same day announced its acquisition.

On Monday, September 16, Red Lobster Management LLC (which owns all of the restaurants) exited Chapter 11 restructuring and was officially acquired by RL Investor Holdings LLC, which is backed by Fortress Investment Group along with co-investors TCW Private Credit and Blue Torch. But that's not all. Now that the acquisition is done, Red Lobster's former CEO, Jonathan Tibus, has turned the position over to Damola Adamolekun. "I've been a Red Lobster fan since my first dining experience as a nine-year-old at our Springfield, Ill, restaurant," Adamolekun said in a press release. "Red Lobster is now a stronger, more resilient company, and today is the start of a new chapter in our history."

So who is Damola Adamolekun, the new CEO of Red Lobster? At just 35 years old, Adamolekun has already had a successful career spearheading a major restaurant chain. Before stepping into his current role, he served as the CEO of P.F. Chang's from February 2019 to December 2023, after which he was an operating partner at the investment firm Garnett Station Partners. During his time at P.F. Chang's, he generated about $1 billion in revenue per year, according to the National Restaurant Association.

As he steps into this new role at Red Lobster, Adamolekun is aiming to maintain 545 locations in 44 U.S. states and four provinces in Canada. This is no small task, considering that the chain closed dozens of locations and faced closing over 100 more earlier this year. And yet, Adamolekun stated that his long-term investment plan for Red Lobster includes over $60 million in new funding. Whether or not the chain will fully recover remains to be seen, but customers are already shouting their excitement from the rooftops. "We're excited to create new cherished moments with you as we turn the page to start writing Red Lobster's next chapter," the brand said in an Instagram post. One fan responded, "I've spent over a decade going to Red Lobster for my birthday ... can't wait to do it for another 10!!!"