Investment management firm Fortress announced on Monday that Damola Adamolekun, the former CEO of P.F. Chang's, will be taking the helm at Red Lobster following court approval of the restaurant chain's bankruptcy plan. The plan involves RL Investor Holdings, a newly formed entity, acquiring Red Lobster out of bankruptcy, with approval being sought from lenders, including Fortress Investment Group.

Adamolekun, who stepped down from his role as the head of popular restaurant chain P.F. Chang's in 2023, has been chosen to lead RL Investor as its CEO, according to Fortress Investment Group. Red Lobster filed for bankruptcy earlier this year in Florida with a debt of approximately $300 million. As part of the bankruptcy plan, the company intends to close some of its restaurants and either sell itself to its lenders or a higher bidder.

Despite the bankruptcy, Red Lobster will continue operating as an independent company under the leadership of Adamolekun. The seafood restaurant chain, known for its famous seafood dishes, currently has 544 locations across 44 states in the U.S. and four Canadian provinces. The company plans to maintain its presence and serve customers in these areas.

With the court's approval of the bankruptcy plan, RL Investor Holdings will have the opportunity to revive and reposition Red Lobster in the competitive restaurant industry, leveraging Adamolekun's expertise gained from his previous role as CEO at P.F. Chang's.

This new development brings hope for the future of Red Lobster as the chain seeks to overcome its financial challenges and regain stability. Under Adamolekun's leadership, it remains to be seen how the seafood restaurant will navigate these trying times and emerge as a stronger player in the industry.

Despite the changes at the top, Red Lobster patrons can still expect the same quality seafood and dining experience that they have come to know and love. As the company continues operations, it will strive to provide excellent service and satisfy its customers' cravings for delicious seafood dishes.

As Red Lobster moves forward, the appointment of Damola Adamolekun as CEO represents a step towards revitalization. With his experience and leadership, it is hoped that he can guide the seafood chain to a successful future, ensuring it remains a beloved dining destination for seafood enthusiasts across the United States and Canada.