Crimson Lobster Receives Court Approval of Chapter 11 Opinion; Nears Exit of Chapter
Below Chapter 11 conception, Crimson Lobster will likely be got by RL Investor Holdings LLC, an entity backed by Fortress Investment Crew
Orlando, FL (RestaurantNews.com) Crimson Lobster Administration LLC, along with its deliver and indirect working subsidiaries (“Crimson Lobster” or “the Company”), proprietor and operator of the Crimson Lobster® restaurant chain, at the moment announced that the Company has bought court docket approval of its Chapter 11 conception.
As allotment of the Chapter 11 conception, RL Investor Holdings LLC will build the Crimson Lobster® restaurant chain from the Company. RL Investor Holdings LLC is an entity created by funds managed by friends of Fortress Investment Crew LLC (“Fortress”), alongside co-traders TCW Personal Credit and Blue Torch. The acquisition is anticipated to shut earlier than the pause of September.
On completion of the acquisition, Damola Adamolekun will change into the CEO of the Crimson Lobster restaurant chain, and Jonathan Tibus, who has served because the Company’s CEO within the midst of the reorganization, will step down from the role and leave the Company.
“Right here is a gigantic day for Crimson Lobster,” said Mr. Adamolekun. “With our fresh backers, we delight in now a comprehensive and long-time length investment conception – including a commitment of more than $60 million in fresh funding – that can wait on to reinvigorate the iconic designate whereas maintaining the honest of its history. Crimson Lobster has an incredible future, and I cannot wait to gain started on our conception with the Company’s more than 30,000 team participants within the course of the usa and Canada. I want to thank Jonathan Tibus and his team for their stewardship, and look forward to welcoming them as frequent Crimson Lobster guests.”
Crimson Lobster will continue to feature as an self sustaining company, with 544 locations within the course of 44 U.S. states and 4 Canadian Provinces.
Jonathan Tibus added, “I’m happy with what Crimson Lobster has finished within the midst of this restructuring – the Company will emerge from Chapter 11 stronger financially and operationally, and with fresh backers who’re resolutely centered on investment and increase. I’m incredibly grateful for the strengthen we’ve bought from our team participants and diners, and from so a form of our landlords and distributors within the midst of this job. I’m ready for cheering on Crimson Lobster as an ardent fan within the years forward.”
About Crimson Lobster restaurant chain
Crimson Lobster is the arena’s largest and most-cherished seafood restaurant company, headquartered in Orlando, Fla. With a proud heritage, Crimson Lobster is centered on serving the very biggest quality, freshly willing seafood that is traceable, sustainable, and responsibly sourced. To be taught more about Crimson Lobster, including locations and menu alternate choices, please focus on over with RedLobster.com or win us on Facebook, X, Instagram, Threads, or TikTok.
Contact:
mediacontact@redlobster.com
