Below Chapter 11 plan, Crimson Lobster shall be acquired by RL Investor Holdings LLC, an entity backed by Fortress Funding Group
Orlando, FL (RestaurantNews.com) Crimson Lobster Administration LLC, together with its direct and oblique working subsidiaries (“Crimson Lobster” or “the Firm”), proprietor and operator of the Crimson Lobster® restaurant chain, at the moment introduced that the Firm has obtained courtroom approval of its Chapter 11 plan.
As a part of the Chapter 11 plan, RL Investor Holdings LLC will purchase the Crimson Lobster® restaurant chain from the Firm. RL Investor Holdings LLC is an entity created by funds managed by associates of Fortress Funding Group LLC (“Fortress”), alongside co-investors TCW Non-public Credit score and Blue Torch. The acquisition is anticipated to shut earlier than the tip of September.
On completion of the acquisition, Damola Adamolekun will develop into the CEO of the Crimson Lobster restaurant chain, and Jonathan Tibus, who has served because the Firm’s CEO through the reorganization, will step down from the position and go away the Firm.
“It is a nice day for Crimson Lobster,” mentioned Mr. Adamolekun. “With our new backers, we have now a complete and long-term funding plan – together with a dedication of greater than $60 million in new funding – that can assist to reinvigorate the long-lasting model whereas preserving the most effective of its historical past. Crimson Lobster has an incredible future, and I can’t wait to get began on our plan with the Firm’s greater than 30,000 staff members throughout the USA and Canada. I need to thank Jonathan Tibus and his staff for his or her stewardship, and look ahead to welcoming them as frequent Crimson Lobster friends.”
Crimson Lobster will proceed to function as an impartial firm, with 544 areas throughout 44 U.S. states and 4 Canadian Provinces.
Jonathan Tibus added, “I’m pleased with what Crimson Lobster has achieved throughout this restructuring – the Firm will emerge from Chapter 11 stronger financially and operationally, and with new backers who’re resolutely targeted on funding and development. I’m extremely grateful for the assist we’ve obtained from our staff members and diners, and from so a lot of our landlords and distributors all through this course of. I’m wanting ahead to cheering on Crimson Lobster as an ardent fan within the years forward.”
About Crimson Lobster restaurant chain
Crimson Lobster is the world’s largest and most-loved seafood restaurant firm, headquartered in Orlando, Fla. With a proud heritage, Crimson Lobster is targeted on serving the very best high quality, freshly ready seafood that’s traceable, sustainable, and responsibly sourced. To study extra about Crimson Lobster, together with areas and menu choices, please go to RedLobster.com or discover us on Fb, X, Instagram, Threads, or TikTok.
Contact:
mediacontact@redlobster.com