Red Lobster filed for bankruptcy protection in May and it led to the closing of dozens of restaurants in the U.S.

Damola Adamolekun now heads up the chain, and its parent company has committed to investing $60 million in improvements

Red Lobster has closed the book on its bankruptcy and enters a new era with a new captain at the helm. The seafood restaurant chain announced its exit from Chapter 11 bankruptcy and the completion of its acquisition by RL Investor Holdings LLC.

Red Lobster completes Chapter 11 exit and acquisition by RL Investor Holdings LLC, poised for growth with $60 million investment plan.

The deal is done. After 1,173 Chapter 11 bankruptcy pleadings and orders filed by the involved parties — a substantial docket compared to most other business bankruptcy cases — RL Investor Holdings LLC has completed its acquisition of Orlando-based Red Lobster.

ORLANDO, Fla., Sept. 16, 2024 /PRNewswire/ — The Red Lobster ® restaurant chain today announces its exit from Chapter 11 restructuring and the completion of its acquisition by RL Investor Holdings LLC.

Four months after its Chapter 11 filing, restaurant chain Red Lobster says it has exited bankruptcy led by new management. The company announced on Monday, Sept. 16 that it's been acquired by lender group RL Investor Holdings with $60 million in new funding backed by Fortress Investment Group.