Red Lobster has announced that it has successfully exited Chapter 11 bankruptcy and is now under new USA-based ownership. In May, many Red Lobster restaurants across the country, including both Montgomery County locations in Gaithersburg and Silver Spring, abruptly closed.
According to FOX Business, Red Lobster exited bankruptcy after RL Investor Holdings LLC, formed by affiliates of Fortress Investment Group, TCW Private Credit, and Blue Torch, acquired it as part of a court-approved Chapter 11 plan, with new CEO Kelli Valade taking the helm.
Red Lobster issued the following statement on Tuesday: “Dear Valued Guests, TODAY IS A GREAT DAY FOR RED LOBSTER! WE ARE HAPPY TO ANNOUNCE THAT RED LOBSTER HAS SUCCESSFULLY EXITED ITS CHAPTER 11 BANKRUPTCY.
Red Lobster is now stronger, more resilient, and ready for a bright new chapter – supported by our loyal guests, dedicated team members, and new USA-based ownership who are committed to investing in Red Lobster’s future.
We’ve been inspired by the countless stories you’ve shared with us over the past few months of how Red Lobster has been a part of your lives-from celebrating milestone birthdays and anniversaries, to being the place for first dates that turned into lifelong partnerships. Were excited to create new cherished moments with you as we turn the page to start writing Red Lobster’s next chapter.
That chapter begins now. You’ll start to see the positive impact of investments in Red Lobster across each of our 545 restaurants in the USA and Canada. Were more excited than ever to serve you the high-quality seafood that has made us a beloved family tradition for over 56 years – and to hear how our improvements are making your cherished moments even more special.”
Bill Darden opened the first Red Lobster restaurant in Lakeland, Florida in 1968. He would later go on to launch Olive Garden, too. At the time, there was a gap in the market for affordable seafood, especially in landlocked areas so Red Lobster’s mission was to serve “delicious, high-quality seafood” to the masses, according to the restaurant’s website. In 1992, the restaurant’s popular Cheddar Bay Biscuits were created.
