The group seeking court approval to purchase Red Lobster has selected former P.F. Chang's CEO Damola Adamolekun to run the faltering seafood chain upon its emergence from Chapter 11 bankruptcy.
Fortress Investment Group, which formed RL Investor Holdings, LLC – a new entity planning to acquire Red Lobster – announced the move Monday, pending court approval.
Adamolekun, who stepped down from his role as the boss of restaurant chain P.F. Chang's in 2023, will become the CEO of RL Investor, Fortress said.
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Prior to joining P.F. Chang's, Adamolekun worked in the Investment Banking Division of Goldman Sachs and as a private equity associate at TPG Capital, and he has served on the board of P.F. Chang’s, Inday, the National Restaurant Association and International Tower Hill Mines.
"Red Lobster is an iconic brand with a tremendous future. I’m looking forward to working with our team members across North America to reinvigorate the brand by making it the best place to work for our employees and improving the experience for our guests," Adamolekun said in a statement.
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"Red Lobster’s future is brighter now than ever before – I cannot wait to get started on our investment plan, and to get out and meet diners across the USA and Canada."
Red Lobster filed for bankruptcy to restructure in May, and has closed dozens of locations since then in its effort to right the ship. In recent days, it announced it would shutter another 23 restaurants across the U.S. after determining that keeping them open would "continue to drive losses" for the company.
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Following the latest announced closures, the chain will still have around 500 restaurants nationwide.
Reuters contributed to this report.
