A Popular Restaurant Chain In Idaho Exits Bankruptcy

Back in May, we shared with you how one of Idaho's most popular restaurants was on the verge of bankruptcy which would have resulted in a massive closure of locations across Idaho, California, and more.

Recently, news emerged that should make never-ending lobster and biscuit lovers across the Treasure Valley happy.

Exiting Bankruptcy

The legendary restaurant chain Red Lobster found itself in some serious trouble as they were filing for Chapter 11 bankruptcy just 4 months ago. Now, Red Lobster is finally seeing some light at the end of the tunnel and avoiding a fate so many businesses have faced in the post-COVID era.

According to a press release from the Lobster back on September 5th, RL Investor Holdings LLC acquired Red Lobster as part of their Chapter 11 plan.

READ MORE: Red Lobster First Announces Bankruptcy In May 2024

“This is a great day for Red Lobster,” Damola Adamolekun the new CEO, said in the press release. Adamolekun was formerly the CEO of P.F. Chang's.

“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."

Under new ownership, Red Lobster will get to continue operating its 544 locations in 44 states and Canada.

"Red Lobster has a tremendous future, and I cannot wait to get started on our plan with the Company’s more than 30,000 team members across the USA and Canada," Adamolekun said.

"I want to thank Jonathan Tibus and his team for their stewardship, and look forward to welcoming them as frequent Red Lobster guests.”

Tibus and his team sound like they're in store for some golden, buttery biscuits!

Forbes confirmed in a story this past week that the deal went through and Red Lobster will be out of bankruptcy sooner than later. Still, they'll have some debts they'll need to figure out as they bounce back.