Red Lobster's 36-Year-Old CEO Came In 3 Months After Bankruptcy, Now He's Planning 'The Greatest Comeback' — And Says 'Time's of The Essence' [Yahoo! Finance]
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Source: Yahoo! Finance
struggling under the weight of bad leases, bloated promotions, and over a billion dollars in debt. But as he told Fortune last month on the "Next to Lead" vodcast, his sights were set on something much bigger than survival. "I think this can be the greatest comeback in the history of the restaurant industry," Adamolekun said. Don't Miss: The ‘ChatGPT of Marketing' Just Opened a $0.85/Share Round — 10,000+ Investors Are Already In Sam Altman Says AI Will Transform the Economy — This Platform Lets Investors Back Private Tech Early Red Lobster filed for Chapter 11 bankruptcy in May 2024, in the U.S. Bankruptcy Court for the Middle District of Florida. According to the company , its financial troubles stemmed from "significant challenges" tied to a 2014 sale-leaseback deal that left it with "unfavorable long-term leases," declining performance, and cash losses from past promotions like Endless Shrimp. Red Lobster also reported holding over $1 billion in liabilities. The court
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