Crimson Lobster, recognized for its inexpensive seafood and cheddary biscuits, has exited Bankruptcy 11 chapter coverage.A U.S. chapter pass judgement on authorized the informal seafood chain’s reorganization plan previous this month, which incorporated a lender team led by way of asset supervisor Fort Funding Staff obtaining the trade. The golf green mild arrives below simply 4 months after Crimson Lobster filed for chapter coverage because it pursued a sale, following years of mounting losses and dwindling consumers whilst it struggled to stay alongside of competition.The Orlando, Florida-based chain, which misplaced $76 million in 2023, shuttered dozens of its North American eating places over contemporary months — each main as much as and all over the chapter procedure. That incorporated greater than 50 places whose apparatus used to be publish for public sale simply days ahead of the Bankruptcy 11 petition, adopted by way of further closures during the chapter procedure.Crimson Lobster’s new CEO is Damola Adamolekun, former leader govt of P.F. Chang’s. Adamolekun used to be prior to now appointed to move RL Investor Holdings, the newly shaped entity that got Crimson Lobster. He prior to now stated that the corporate’s long-term funding plan incorporated a dedication of greater than $60 million in new investment.“Crimson Lobster is now a more potent, extra resilient corporate, and nowadays is the beginning of a brand new bankruptcy in our historical past,” Adamolekun stated in a commentary on Monday.Crimson Lobster is now an impartial, privately-held corporate with 545 eating place places in 44 states and 4 Canadian provinces.
