The exterior of a Red Lobster restaurant in Austin, Texas, on May 20, 2024.
A bankruptcy court approved Red Lobster's plan to exit Chapter 11, putting the seafood chain one step closer to exiting bankruptcy.
Red Lobster had struggled with increased competition, expensive leases, last year's disastrous shrimp promotion and a broader pullback in consumer spending.
Current CEO Jonathan Tibus, who led the company through bankruptcy, will leave Red Lobster.
"This is a great day for Red Lobster," Adamolekun said in a statement.
Persons:
Damola Adamolekun, Jonathan Tibus, Adamolekun
Organizations:
Investor Holdings, Holdings, TCW, Fortress Investment Group
Locations:
Austin , Texas, Canada