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Underneath Chapter 11 plan, Pink Lobster shall be acquired by RL Investor Holdings LLC, an entity backed by Fortress Funding Group
Orlando, FL (RestaurantNews.com) Pink Lobster Administration LLC, together with its direct and oblique working subsidiaries (“Pink Lobster” or “the Firm”), proprietor and operator of the Pink Lobster® restaurant chain, at this time introduced that the Firm has acquired court docket approval of its Chapter 11 plan.
As a part of the Chapter 11 plan, RL Investor Holdings LLC will purchase the Pink 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 grow to be the CEO of the Pink Lobster restaurant chain, and Jonathan Tibus, who has served because the Firm’s CEO in the course of the reorganization, will step down from the function and go away the Firm.
“It is a nice day for Pink Lobster,” mentioned Mr. Adamolekun. “With our new backers, we’ve got a complete and long-term funding plan – together with a dedication of greater than $60 million in new funding – that may assist to reinvigorate the enduring model whereas conserving the perfect of its historical past. Pink Lobster has an incredible future, and I can not wait to get began on our plan with the Firm’s greater than 30,000 group members throughout the USA and Canada. I wish to thank Jonathan Tibus and his group for his or her stewardship, and sit up for welcoming them as frequent Pink Lobster friends.”
Pink Lobster will proceed to function as an unbiased firm, with 544 areas throughout 44 U.S. states and 4 Canadian Provinces.
Jonathan Tibus added, “I’m happy with what Pink Lobster has achieved throughout this restructuring – the Firm will emerge from Chapter 11 stronger financially and operationally, and with new backers who’re resolutely centered on funding and progress. I’m extremely grateful for the assist we’ve acquired from our group members and diners, and from so lots of our landlords and distributors all through this course of. I’m wanting ahead to cheering on Pink Lobster as an ardent fan within the years forward.”
About Pink Lobster restaurant chain
Pink Lobster is the world’s largest and most-loved seafood restaurant firm, headquartered in Orlando, Fla. With a proud heritage, Pink Lobster is targeted on serving the very best high quality, freshly ready seafood that’s traceable, sustainable, and responsibly sourced. To study extra about Pink 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
