Red Lobster Emerges from Bankruptcy Under New Leadership
Red Lobster has officially emerged from bankruptcy under the leadership of newly appointed CEO Damola Adamolekun.
Backed by Fortress Investment Group, which has committed $60 million toward revitalizing the seafood restaurant chain, Adamolekun brings extensive experience in economics, finance, and operations.
He holds degrees from Brown University and Harvard Business School, and he previously led a successful turnaround at P.F. Chang’s.
The chain’s financial troubles were exacerbated by costly menu promotions—most notably the “Endless Shrimp” deal, which led to over $11 million in losses and was a major factor in Red Lobster’s May 2025 bankruptcy filing.
With fresh capital and strategic oversight, Adamolekun is optimistic about the brand’s future, stating it is now “brighter than ever.” Executives at Fortress share that confidence, highlighting Adamolekun’s leadership as key to restoring Red Lobster’s place as an iconic American dining brand.
