Under the approved restructuring plan, RL Investor Holdings, which includes TCW Private Credit and Fortress Investment Group, will acquire Red Lobster, marking a significant transition. The acquisition aims to stabilize the brand following its Chapter 11 filing due to numerous operational and financial challenges, including increased competition and falling consumer spending.
Former P.F. Chang's CEO Damola Adamolekun will lead Red Lobster, taking on the challenge to revamp the chain. He is optimistic about the brand's future, noting that the new ownership group is committed to investing over $60 million to revitalize operations while keeping beloved elements intact, ensuring a balance between modernity and tradition.
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