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Red Lobster Exits Bankruptcy After Acquisition

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Red Lobster,Bankruptcy,Acquisition

Red Lobster has emerged from Chapter 11 bankruptcy protection after being acquired by RL Investor Holdings LLC. The seafood chain will operate its 545 restaurants as an independent company with a new CEO, Damola Adamolekun, who plans to invest over $60 million in reviving the brand.

Red Lobster is out of the bankruptcy process after it was acquired under a court-approved Chapter 11 plan. RL Investor Holdings LLC is acquiring the seafood chain and will run its 545 restaurants as an independent company, FOX Business reported.

FOX Business noted that the U.S. Bankruptcy Court for the Middle District of Florida on Sept. 5 approved RL Investor Holding’s Chapter 11 plan, clearing a path for Red Lobster to exit the bankruptcy process it began in May.RELATED: Red Lobster files for bankruptcy after dozens of restaurant closuresRed Lobster filed for Chapter 11 bankruptcy protection in May resulting in the seafood restaurant chain closing dozens of U.S.

 

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Red Lobster emerges from bankruptcy with new ownership and investment plansAfter filing for bankruptcy protection earlier this year, Red Lobster has successfully emerged with a reorganized structure and a commitment to revitalization. The casual seafood chain was acquired by a lender group led by Fortress Investment Group, with Damola Adamolekun, former CEO of P.F. Chang's, at the helm.
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