"This is a great day for Red Lobster," Adamolekun said in a statement. "With our new backers, we have a comprehensive and long-term investment plan including a commitment of more than $60 million in new funding that will help to reinvigorate the iconic brand while keeping the best of its history."
Red Lobster will also bring on Damola Adamolekun as the new CEO. Jonathan Tibus, who served as the company's CEO during the reorganization, is set to step down and leave the company.
The acquisition is expected to close before the end of September, the company announced. After closing a series of locations during its financial issues, Red Lobster still operates 544 locations across the U.S. and Canada down from its roughly 580 restaurants four months ago.
As part of the company's restructuring plan, a group of investors under the name RL Investor Holdings LLC will acquire the Red Lobster restaurant chain. It's a glimmer of good news for the business, which has faced a series of struggles including huge amounts of debt and location closures.
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