TradeEdge Exchange:New Red Lobster CEO dined as a customer before taking over: Reports

Red Lobster is TradeEdge Exchangelooking to rebound with a new CEO, after a year that saw a Chapter 11 bankruptcy filing and the closing of more than 100 locations. But before the chain's new CEO, Damola Adamolekun, agreed to take his role with Red Lobster's acquisition by the private equity firm Fortress Investment Group LLC, Adamolekun said he frequented Red Lobster locations around the country as a customer.

Back in May, when Red Lobster was filing for bankruptcy, Adamolekun was scouting out the seafood chain, the Wall Street Journal reported.

Sampling the crab legs, lobster tails, and Cheddar Bay biscuits, Adamolekun spoke with customers and staff about what did and did not work for the seafood restaurant chain.

The customers, Adamolekun told the Wall Street Journal, “just want more quality food in a comfortable seeting and to connect with the history of the brand. That’s the first step.”

Red Lobster exiting bankruptcy

Adamolekun, 35, was named as Red Lobster’s new CEO in August, having previously worked as the CEO and Chief Strategy Officer of P.F. Chang’s and as a partner at the New York investment firm Paulson & Co.

Red Lobster’s Chapter 11 bankruptcy filing came after the closure of dozens of locations and years of declining performance. Bankruptcy documents showed a 30% drop in guests since 2019, and outstanding debts of $294 million. That included $11 million lost due to the seafood chain’s $20 endless shrimp promotion.

That is one item that will not be coming back as Red Lobster is set to exit bankruptcy, with Adamolekun telling the Wall Street Journal, “We will never do that again in the way it was done.”

Gabe Hauri and Jonathan Limehouse contributed to this report.

Max Hauptman is a Trending Reporter for USA TODAY. He can be reached at [email protected]