The casual seafood chain’s reorganization came after years of losses and a significant loss of $76 million in 2023, prompting major restaurant closures and a restructuring to maintain competitiveness.
New CEO Damola Adamolekun, previously head of RL Investor Holdings, emphasized a commitment of over $60 million for long-term investments, indicating a focused strategy for Red Lobster's revival.
Adamolekun stated, 'Red Lobster is now a stronger, more resilient company, and today is the start of a new chapter in our history,' reflecting optimism post-bankruptcy.
With the bankruptcy exit, Red Lobster has transformed into a privately-held company with 545 locations across 44 states and four Canadian provinces, marking a significant operational consolidation.
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