The investment group seeking to purchase Red Lobster announced it has appointed the former CEO of P.F. Chang’s to lead the Orlando-based seafood chain, pending court approval of Red Lobster’s Chapter 11 bankruptcy plan.

Damola Adamolekun, who stepped down as P.F. Chang’s CEO in 2023, was named CEO of RL Investor Holdings LLC on Monday and will become CEO of Red Lobster, if the court approves.

Fortress Investment Group, joined by co-investors TCW Private Credit and Blue Torch, created RL Investor Holdings LLC to acquire Red Lobster through bankruptcy court.

“Red Lobster is an iconic brand with a tremendous future,” Adamolekun said in a statement. “I’m looking forward to working with our team members across North America to reinvigorate the brand by making it the best place to work for our employees and improving the experience for our guests.”

Red Lobster will continue to operate as an independent company, with 544 locations across 44 U.S. states and four Canadian provinces, according to Fortress.

Red Lobster filed for bankruptcy in May after racking up nearly $300 million in outstanding debt and said then it planned to sell “substantially all of its assets.” A week before it closed about 80 locations, including six in Central Florida. Its bankruptcy case was filed in U.S. District Court in Orlando.

Red Lobster began as a single restaurant started by Bill Darden in Lakeland in 1968 before joining General Mills, which later spun off Orlando-based Darden Restaurants in 1995. Darden then sold Red Lobster to Golden Gate Capital for $2.1 billion in 2014.

Thai Union, a Thailand-based seafood company, took control of Red Lobster in 2020 with a $575 million stake but disclosed it was shedding its shares earlier this year.

“We’re excited to bring Damola on board to drive our investment plan for Red Lobster,” said Morgan McClure, Fortress managing director, in a statement. “Fortress has a strong track record of operating and improving iconic American restaurants, and Damola’s energy, leadership and experience will be key to restoring Red Lobster’s status as an iconic and admired American brand.”