Damola Adamolekun's appointment as Red Lobster's CEO marks a pivotal moment for the company as it emerges from bankruptcy, facing a complex restructuring process.
Adamolekun previously led P.F. Chang's through the pandemic, focusing on technology and to-go services, demonstrating his capacity to adapt in challenging environments.
The restructuring involves addressing the significant challenges Red Lobster faces, including over $1 billion in debt and the need to realign with changing consumer preferences.
The previous owner of Red Lobster, Thai Union Group, cited major financial losses and challenges in maintaining the brand’s sales, which led to its exit.
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