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.

Red Lobster, known for its affordable seafood and cheddary biscuits, has exited Chapter 11 bankruptcy protection. A U.S. bankruptcy judge approved the casual seafood chain’s reorganization plan earlier this month,

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

Red Lobster has officially emerged from bankruptcy.

Former P.F. Chang’s CEO Damola Adamolekun takes the helm of the resurrected seafood restaurant chain.

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The Red Lobster restaurant chain seemed on the verge of permanently shutting down, but after filing bankruptcy, the brand is returning with a new CEO.

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.