Damola Adamolekun to Lead Red Lobster Revitalization

Damola Adamolekun, former CEO of P.F. Chang's, has been appointed CEO of Red Lobster by Fortress Investment Group, pending court approval of their acquisition of the seafood chain following its Chapter 11 bankruptcy filing. Red Lobster, which has faced significant financial difficulties including a failed shrimp promotion and declining customer numbers, closed over 100 locations and plans to shutter 23 more. Adamolekun aims to revitalize the brand, emphasizing improved employee conditions and customer experiences. Fortress, along with co-investors TCW Private Credit and Blue Torch, will fund the restructuring, with Red Lobster continuing as an independent company operating 544 locations across North America. The bankruptcy court is set to approve the plan on September 5.