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The group seeking court approval to buy Red Lobster has chosen former PF Chan CEO Damola Adamolekun to run the embattled seafood chain as it emerges from Chapter 11 bankruptcy.
Fortress Investment Group, which has formed a new company, RL Investor Holdings LLC, that plans to buy Red Lobster, announced the move on Monday, pending court approval.
Friday, June 7, 2024, at a Red Lobster restaurant in Alexandria, Virginia. (Ting Sheng/Bloomberg via Getty Images/Getty Images)
Adamolekun, who retires as president of restaurant chain PF Chang's in 2023, will become CEO of RL Investor, according to Fortress.
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Prior to joining PF Chang's, Adamolkun worked in investment banking at Goldman Sachs and as a private equity associate at TPG Capital and served on the boards of directors of PF Chang's, Inday, the National Restaurant Association and International Tower Hill Mines.
Damola Adamolekun is set to become the new CEO of struggling seafood chain Red Lobster. (Fortress Investment Group/Fox News)
“Red Lobster is an iconic brand with a great future, and I look forward to working with our team members across North America to revitalize the brand by creating the best place to work for our employees and an elevate the experience for our guests,” Adamol-Kun said in a statement.
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“The future for Red Lobster is brighter than ever, and we can't wait to begin our investment plans and meet customers across the U.S. and Canada.”
The famous Cheddar Bay Biscuits at Red Lobster restaurant on S. Van Dorn Street in Alexandria, Virginia. (Photo by Deb Lindsay for The Washington Post via Getty Images)
Red Lobster filed for bankruptcy protection in May and has since closed dozens of locations to get back on its feet. The company recently announced it would close 23 more locations. Restaurants across the United States The company decided that keeping these stores open would result in continued losses.
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After the latest closure announcement, the chain will still operate about 500 stores nationwide.
Reuters contributed to this report.
