Red Lobster will be led by former P.F. Chang's CEO Damola Adamolekun when it emerges from bankruptcy, lender Fortress Investment Group announced.
Why it matters: With more than 540 locations across 44 U.S. states and Canada, the casual-dining chain was one of the largest restaurant bankruptcies in recent years.
Adamolekun came from private equity to take over P.F. Chang's in 2020.
He guided the 220-unit chain through the pandemic, overseeing a refresh of its restaurants, menu and tech infrastructure. He implemented an in-house delivery operation and monthly subscription program, Restaurant Business wrote late summer when the exec left to return to Paulson & Co. He's now an operating partner at Garnett Station Partners.
Next, Adamolekun will take on the challenge of a restaurant chain sunk in part by an unsustainable endless shrimp menu offering and a history of ill-fated operational decisions.
What they're saying: "Red Lobster is an iconic brand with a tremendous future," he said in a statement.
What's next: Final bankruptcy court approval of the chain's sale to Fortress and co-investors TCW Private Credit and Blue Torch is expected next month.
