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Pink Lobster formally got here out of the chapter course of on Monday, with the brand new CEO Damola Adamolekun calling it the “start of a new chapter” for the seafood restaurant chain.
The seafood chain’s exit from chapter got here after RL Investor Holdings LLC acquired it as a part of a court-approved Chapter 11 plan.
RL Investor Holdings, shaped by associates of Fortress Funding Group, TCW Personal Credit score and Blue Torch, mentioned Monday it can run Pink Lobster and its 545 eating places as an unbiased firm. Adamolekun started his stint because the seafood chain’s new CEO the identical day.
A Pink Lobster restaurant in Alexandria, Virginia, US, on Friday, June 7, 2024. Seafood restaurant chain Pink Lobster, which filed for chapter final month, shall be in chapter courtroom on June 14. (Ting Shen/Bloomberg through Getty Photos / Getty Photos)
“I’ve been a fan since my first Red Lobster meal as a 9-year-old growing up in Springfield, IL, so this is an especially proud moment,” Adamolekun wrote Monday on LinkedIn. “With 30,000 passionate team members, millions of fans across the US and Canada, deeply committed and experienced backers, and more than 55 years of iconic history, I know we have what we need to restore Red Lobster’s status as an admired American restaurant.”
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In a press launch, Adamolekun mentioned the corporate has a “comprehensive and long-term investment plan” for the seafood restaurant chain.
A part of that plan “includes a commitment of more than $60 million in new funding which will help us to deliver improvements across every aspect of our company,” in line with the CEO.
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On Sept. 5, the U.S. Chapter Courtroom for the Center District of Florida signed off on RL Investor Holding’s Chapter 11 plan, paving the best way for Pink Lobster to return out of the chapter course of it began in Could.
Pedestrians move in entrance of a Pink Lobster restaurant in New York, U.S., on Wednesday, Sept. 19, 2012. (Victor J. Blue/Bloomberg through Getty Photos / Getty Photos)
RED LOBSTER CLEARED TO EXIT CHAPTER 11 BANKRUPTCY PROTECTION
Pink Lobster sought Chapter 11 chapter safety with the intention to “drive operational improvements, simplify the business through a reduction in locations, and pursue a sale of substantially all of its assets as a going concern,” it mentioned on the time.
The seafood restaurant chain dates again to 1968, when Invoice Darden launched the primary restaurant.
Daniella Genovese contributed to this report.
