Red Lobster has successfully exited Chapter 11 bankruptcy following its acquisition by RL Investor Holdings LLC, marking a new era for the seafood chain. The transition, supported by a $60 million investment plan, aims to enhance the company's operations and resilience, according to newly appointed CEO Damola Adamolekun. Adamolekun, who previously led P.F. Chang's, expressed his confidence in Red Lobster's future, emphasizing a commitment to improving every aspect of the business. The acquisition comes after years of financial struggles and significant losses, including a reported $76 million loss in 2023. With 545 restaurants across the U.S. and Canada, Red Lobster is now an independent entity poised to compete effectively in the casual dining market. The company, founded in 1968, has undergone several ownership changes before its recent restructuring.