(Reuters) – Damola Adamolekun, previous chief executive officer of P.F. Chang’s, will certainly take the helm at Red Lobster after a court authorization of the dining establishment chain’s personal bankruptcy strategy, financial investment monitoring company Fortress stated on Monday.
Lenders, consisting of Fortress Investment Group, are looking for authorization for RL Investor Holdings, a recently created entity, to obtain Red Lobster out of personal bankruptcy.
Adamolekun, that tipped down from his function as the one in charge of dining establishment chain P.F. Chang’s in 2023, will certainly come to be the chief executive officer of RL Investor, Fortress stated.
Red Lobster applied for personal bankruptcy in Florida in May with around $300 million in the red and a strategy to shut some dining establishments and market itself to its loan providers or a greater prospective buyer.
Red Lobster would certainly remain to run as an independent business, with 544 places throughout 44 states in the united state and 4 Canadian districts, Fortress stated.
(Reporting by Anuja Bharat Mistry in Bengaluru; Editing by Sriraj Kalluvila)
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