2 weeks Ago By The Independent
has officially emerged from bankruptcy. The casual dining chain, known for its signature cheddar biscuits, back in May. Red Lobster was forced to close many US locations due to its , becoming permanent menu items.
At the time, the chain explained it was filing for bankruptcy to simplify its operations, close restaurants, and pursue a sale. Now, a bankruptcy judge has approved the chain’s plan for reorganization – including hiring Damola Adamolekun, former chief executive of PF Chang’s, as its new CEO. “Red Lobster is now a stronger, more resilient company, and today is the start of a new chapter in our history,” Adamolekun said in a statement on Monday, September 16, according to .
Following the announcement, many people turned to X (formerly Twitter) to credit Flavor Flav with singlehandedly saving the seafood chain. Back in June, the rapper in an attempt to “help save” the chain. “@FlavorFlav saved Red Lobster,” one person on the platform.
“Flavor Flav really went and saved red lobster and the Olympics!” another person , referencing the rapper’s previous comment that he would give Jordan Chiles a bronze necklace . Flavor Flav really went and saved red lobster and the Olympics! — she go (@THElady__) Shortly after the chain filed for bankruptcy, the hip-hop artist posted about the news on X, writing: “YOOOO, I use my platform to help others and now I wanna use it to help save one of America’s greatest dining dynasties. Yo @redlobster CALL ME!!! I gotchu.
” A few days later, the rapper posted on Instagram an image of him in a Red Lobster surrounded by various seafood dishes, as he later clarified that he had ordered the entire menu. “Ya boy said he wuz gonna do everything to help Red Lobster and save the Cheddar Bay Biscuits..
. ordered the whole menu,” he wrote over the photo, which showed him standing in front of the table holding a biscuit in his hand. In the Instagram caption, Flavor Flav wrote: “Took my family to @redlobster and ordered the whole menu!!!” The restaurant chain was by Bill Darden and Charley Woodsby, who wanted to make seafood restaurants more accessible and affordable for families.
General Mills acquired the restaurant two years later in 1970, before the company split into a restaurant-only firm called Darden Restaurants, which also owned Olive Garden, according to Red Lobster’s timeline on its website. Due to pressure from investors, the seafood chain was to Golden Gate Capital, a San Francisco private equity firm for $2.1bn.
Because Golden Gate didn’t technically have enough money for the deal, they and Golden Gate leased the land. The chain ended up losing $19m after it launched its Ultimate Endless Shrimp promotion, which deal and was later turned into a regular menu item. Red Lobster continues to operate 545 locations worldwide.
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