Red Lobster entered bankruptcy in 2024, but quickly clawed its way out in just about three months. The once-struggling 57-year-old seafood chain had endured an $11 million endless-shrimp fiasco among other mistakes made.
But under the leadership of Damola Adamolekun, 36, who was previously the CEO of P.F. Chang’s, Red Lobster has officially turned the ship around. As the company continues to recover from bankruptcy, the chain expects positive net income in fiscal 2026, and adjusted EBIDTA is expected to grow 43% from fiscal 2025 to 2027.
