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Red Lobster to Exit Bankruptcy with $60 Million Investment Under Fortress Ownership

Sep 5, 2024, 08:24 PM

Red Lobster has received court approval from a Florida judge to exit Chapter 11 bankruptcy under new ownership led by Fortress Investment Group. The iconic seafood chain, based in Orlando, filed for bankruptcy protection about three months ago. The restructuring plan includes a $60 million investment from Fortress. Red Lobster will be acquired by RL Investor Holdings LLC, and Damola Adamolekun will become the new CEO as Jonathan Tibus steps down. The chain expects to operate approximately 544 locations across the U.S. and Canada upon emerging from bankruptcy, down from 675 locations at the end of 2020. The court's approval marks a significant step in Red Lobster's efforts to revive its business after a challenging period marked by numerous restaurant closures.