(NEXSTAR) – On Thursday, Red Lobster announced its upcoming acquisition by an entity known as RL Investor Holdings LLC, after the plan was approved by a U.S. bankruptcy judge amid the restaurant chain’s financial woes.
“This is a great day for Red Lobster,” said Damola Adamolekun, who will succeed Jonathan Tibus as CEO of Red Lobster when the sale is complete. “With our new backers, we have a comprehensive and long-term investment plan — including a commitment of more than $60 million in new funding — that will help to reinvigorate the iconic brand while keeping the best of its history.”
Starbucks is giving its new CEO a huge pay package and not making him moveRed Lobster had initially announced plans to file for Chapter 11 bankruptcy in May, after years of financial hurdles that included rising labor costs and all-you-can-eat promotions........