Texas Border Business
Orlando, Florida– Red Lobster Management LLC, together with its direct and indirect subsidiaries (“Red Lobster” or “the Company”), announced today that it has received court approval for its Chapter 11 reorganization plan.
Under the approved plan, Red Lobster® will be acquired by RL Investor Holdings LLC, an entity formed by funds managed by affiliates of Fortress Investment Group LLC, along with co-investors TCW Private Credit and Blue Torch. The acquisition is expected to close by the end of September.
Following the acquisition, Damola Adamolekun will assume the role of CEO of Red Lobster, succeeding Jonathan Tibus, who has served as the Company’s CEO throughout its restructuring process and will step down after the transition.
“This is an exciting milestone for Red Lobster,” said Mr. Adamolekun. “With our new investors, we have a comprehensive and long-term investment plan, backed by over $60 million in new funding, to revitalize this iconic brand while honoring its rich history. Red Lobster has a bright future ahead, and I’m eager to begin working alongside our team of more than 30,000 employees across the U.S. and Canada. I also want to extend my gratitude to Jonathan Tibus and his team for their leadership, and I look forward to seeing them as loyal Red Lobster guests in the future.”
Red Lobster will continue to operate independently, with 544 locations in 44 U.S. states and four Canadian provinces.
Jonathan Tibus expressed pride in the Company’s progress during the restructuring, stating, “Red Lobster will emerge from Chapter 11 stronger both financially and operationally, with investors dedicated to growth. I’m immensely grateful for the support of our team, diners, landlords, and vendors throughout this process. I’ll be cheering for Red Lobster as a passionate supporter in the years to come.”
About Red Lobster
Red Lobster is the world’s leading seafood restaurant chain, headquartered in Orlando, Florida. With a longstanding commitment to quality, Red Lobster serves freshly prepared, traceable, sustainable, and responsibly sourced seafood. For more information about Red Lobster, including locations and menu options, visit www.redlobster.com.
