Orlando, Fla. — In mid-September, The Red Lobster® restaurant chain exited Chapter 11 restructuring following the company’s acquisition by a new owner: RL Investor Holdings LLC. RL Investor Holdings is an entity created by funds managed by affiliates of Fortress Investment Group LLC, alongside co-investors TCW Private Credit and Blue Torch.
“Red Lobster is now a stronger, more resilient company, and today is the start of a new chapter in our history,” says Damola Adamolekun, the new CEO of Red Lobster. “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 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.”
Adamolekun continues: “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.”
Orlando, Fla.-based Red Lobster is now an independent, privately held company with 545 restaurant locations across 44 U.S. states and four Canadian Provinces. For more information, visit http://www.redlobster.com.
SOURCE: Red Lobster Seafood Co.