Red Lobster has exited Chapter 11 bankruptcy after a U.S. bankruptcy judge approved its reorganization plan. The plan includes its acquisition by a lender group led by Fortress Investment Group. The seafood chain had filed for bankruptcy due to financial struggles and declining customers, resulting in the closure of over 50 restaurants and $76 million in losses in 2023. Damola Adamolekun, formerly of P.F. Chang’s, is now CEO. Red Lobster will continue as a privately-held company with 545 locations across the U.S. and Canada, supported by $60 million in new funding.
