The restaurant chain Red Lobster announced Monday the company exited Chapter 11 bankruptcy and has a new chief executive officer, Damola Adamolekun. Adamolekun, 35, said in a statement the restaurant is now "stronger" and "more resilient" as the company gears up for "the start of a new chapter,

Red Lobster filed for bankruptcy protection in May and it led to the closing of dozens of restaurants in the U.S.

Once the acquisition is complete, Red Lobster will also bring in new leadership. Jonathan Tibus, who has served as the company's CEO, will step down from his role and leave the Red Lobster restaurant chain. Damola Adamolekun, the former CEO of P.F. Chang’s, will succeed Tibus.

Damola Adamolekun now heads up the chain, and its parent company has committed to investing $60 million in improvements

Former P.F. Chang’s CEO Damola Adamolekun takes the helm of the resurrected seafood restaurant chain.

A local Red Lobster manager is celebrating the good news. Sept. 19, Red Lobster announced it was officially out of Chapter 11 bankruptcy. The seafood restaurant giant, which has two Columbus locations,

Red Lobster exits bankruptcy, ditches unlimited shrimp for quality Red Lobster, the iconic seafood chain known for its signature Cheddar Bay Biscuits and family-friendly dining experience, is clawing its way back from the brink of financial ruin.

The Red Lobster restaurant chain seemed on the verge of permanently shutting down, but after filing bankruptcy, the brand is returning with a new CEO.