Fortress Investment Group has named the previous CEO of PF Chang’s to guide Red Lobster when the corporate is taken over by creditors in Chapter 11 bankruptcy proceedings.
Damola Adamolekun will grow to be CEO of Red Lobster after a Florida bankruptcy judge approved the restaurant’s proposed plan to exit bankruptcy proceedings under recent ownership, Fortress said in a press release. The bankruptcy court is anticipated to approve the plan on Sept. 5, in line with court documents.
Adamolekun led PF Chang’s for about three years before stepping down in August 2023 to return to Paulson & Co. Inc., an announcement said on the time. Adamolekun said in a press release Monday that he intends to “reinvigorate the brand by making it the best place to work for our employees and enhancing the experience for our guests.”
Red Lobster, the filed The company, which filed for bankruptcy in May, has been working with its creditors for months on a restructuring plan. The chain shall be owned by a newly formed, lender-backed company formed by Fortress and co-investors TCW Private Credit and Blue Torch. Red Lobster has greater than 540 stores in 44 states, Fortress said.
Fortress is a significant creditor of Red Lobster and, along with other lenders, has secured $100 million in compensation for the restaurant chain under the U.S. Chapter 11 procedure. recent debts.
