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Red Lobster In 2024 the Orlando, Florida -based seafood chain Red Lobster slipped towards bankruptcy closing 93 locations and filing for Chapter 11 bankruptcy protection on May 20, 2024, with over $1 billion in debt.
The first Red Lobster restaurant was opened on January 18, 1968, in Lakeland, Florida, by entrepreneurs Bill Darden and Charley Woodsby. [11] [12] The oft-quoted date of March 27, 1968, is based on the incorporation date of Red Lobster Inns of America, Inc. (now GMRI, Inc.) in the Florida Secretary of State's Office.
On May 12, 2014, Darden announced that as part of the spinoff of Red Lobster, it was converting the co-located Red Lobster and Olive Garden locations into standalone Olive Garden locations. [27] On May 16, 2014, Darden announced that it would be selling the Red Lobster seafood restaurant chain to Golden Gate Capital for US$2.1 billion. [28]
Damola Adamolekun, 35, was tapped for the difficult job of turning Red Lobster around. Adamolekun, formerly the CEO of Asian-fusion chain P.F. Chang's, already has some time under his belt as an ...
Damola Adamolekun previously served as the CEO of P.F. Chang’s before accepting the top job at Red Lobster. ... Florida-based company now awaits an exit from Chapter 11 bankruptcy protection.
Before joining Red Lobster, he served as CEO of P.F. Chang’s from 2020 to 2023, leading the Asian-inspired food chain through the pandemic and revitalizing a once-struggling brand.
In 1968, Darden founded the first Red Lobster restaurant in Lakeland, Florida, an inland city. The restaurant was initially called the Red Lobster Inn. Darden was inspired by Gary's Duck Inn, an Orlando seafood restaurant that Darden bought in 1963 with some partners. [3] The business became so successful that Darden opened four more restaurants.
"Red Lobster is now a stronger, more resilient company,” he said in a Sept. 16 statement. “And today is the start of a new chapter in our history.” This story was originally featured on ...