Not too long ago, in the early stages of summer, Red Lobster found themselves in a major pickle. Facing the effects of an endless shrimp promotion that hurt profits and company turmoil, the company had to close a portion of their locations while filing for bankruptcy. But now, Red Lobster has come out of the woodwork with a new announcement.
After all of the drama that took place this past summer, it appears the company has turned a new leaf. Earlier this month, a U.S. bankruptcy judge approved a reorganization plan allowing Red Lobster to exit from bankruptcy. And now, it has come to fruition, as the company will officially exit after being acquired by RL Holdings LLC.
New leadership heads the next chapter
Often, when a company goes through a major transition, leadership changes. One of the new faces that will serve as the leader of Red Lobster is CEO Damola Adamolekun, who served as the CEO of PF Chang's before moving to the seafood chain.
At just 35 years of age, he provides youth and an impressive background as he looks to head the future of the company. He also mentioned that the company's long-term investment plan includes a commitment of more than $60 million in new funding.
Widespread closures appear to be a thing of the past
The best news out of all of this is that it looks like Red Lobster will avoid seeing closures on the level we saw back in late May or early June. And although we will likely never see endless shrimp again on the menu, the hot and delicious cheddar biscuits will be ready when we walk into a location.
That said, it looks like the company is back on its feet and ready to once again be a great restaurant for any occasion. Here's to many more nights of cheddar biscuits, shrimp, lobster, and good times at Red Lobster!