Mere months after filing for bankruptcy, Red Lobster finds hope in a new CEO…
But can a new executive be enough to keep the company afloat?
Red Lobster’s CEO: From Private Equity to P.F. Chang’s
After worsening demand and an endless shrimp promotion that cost the company millions…
Red Lobster filed for Chapter 11 bankruptcy in May.
Currently, the restaurant chain’s situation is grim…
RED LOBSTER IS ONE OF THE BIGGEST FOOD SERVICE BANKRUPTCIES BY ASSETS AND LIABILITIES IN DECADES.
Fortunately for the company, Fortress Investment Group came forward to purchase the chain…
And pending court approval, the investment group will take over naming Damola Adamolekun the CEO of Red Lobster.
Adamolekun recently worked as an operating partner in Garnett Station Partners but before that…
From 2020 to 2023, Adamolekun was CEO of the sit-down chain, P.F. Chang’s. During his tenure as executive officer…
Adamolekun directed the chain through the pandemic with roaring success.
He helped the Asian fusion chain embrace to-go service during lockdown and pushed forward the company’s expansion plans.
In 2023, P.F. Chang’s brought in $994.3 million… A number ABOVE prepandemic levels.
As CEO of Red Lobster, Adamolekun is bringing his expertise…
And excitement for the brand’s future.
An Optimistic Outlook
Coming in hot as Red Lobster CEO, Damola Adamolekun is eager to turn the company around.
In a statement announcing his new executive position, Adamolekun stated…
“RED LOBSTER IS AN ICONIC BRAND… [THE COMPANY’S] FUTURE IS BRIGHTER NOW THAN EVER BEFORE.”
And it’s not just his unwavering optimism that he’s bringing to the position…
In a 2022 interview he emphasized the importance of adaptability and transparent leadership in any executive role.
The new CEO is looking forward to overhaul and renovate Red Lobster’s brand.
Now, with the end of their bankruptcy in sight…
Red Lobster and it’s new CEO will have to find out if they have what it takes to bring this brand back to it’s prime.
Be Great,
GCTV Staff
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