Fortress Investment Group has named the former CEO of PF Chang’s to lead Red Lobster when the company is taken over by creditors in Chapter 11 bankruptcy proceedings.
Damola Adamolekun will become CEO of Red Lobster after a Florida bankruptcy judge approved the restaurant’s proposed plan to exit bankruptcy proceedings under new ownership, Fortress said in a statement. The bankruptcy court is expected to approve the plan on Sept. 5, according to 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 at the time. Adamolekun said in a statement 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, which filed for bankruptcy in May, has been working with its creditors for months on a restructuring plan. The chain will be owned by a newly formed, lender-backed company formed by Fortress and co-investors TCW Private Credit and Blue Torch. Red Lobster has more than 540 stores in 44 states, Fortress said.
Fortress is one of Red Lobster’s major creditors and, along with other lenders, financed the restaurant chain’s Chapter 11 bankruptcy proceedings with $100 million in new debt.
