On Monday, new Pink Lobster CEO Damola Adamolekun, 35, instructed TODAY that the chain’s mega-popular $20 endless shrimp deal has ended completely. It additionally nearly ended the restaurant.
After providing countless shrimp as a limited-time, often once-a-year deal for many years, Pink Lobster made the promotion a daily menu merchandise—and instantly regretted it. The deal proved too in style and value the mum or dad firm an almost $11 million profit loss in Q3 2023.
“We knew the worth was low cost. However the thought was to deliver extra visitors within the eating places,” stated the CFO of Thai Union, the then-major shareholder, in a November 2023 earnings call.
Associated: Red Lobster Changed Its ‘Endless Shrimp’ Promotion After Losing $11 Million in One Quarter
Adamolekun turned CEO of Red Lobster in August and was beforehand CEO of P.F. Chang’s. When TODAY requested if Countless Shrimp would ever return, he stated most likely not, “as a result of I understand how to do math.”
Nevertheless, he did announce some new menu items together with bacon-wrapped sea scallops, lobster pappardelle pasta, grilled Mahi, and the return of hush puppies—which he appears to be a private fan of.
“I count on a stampede into our eating places as a result of we’re bringing again the hush puppies,” Adamolekun stated. “I finished going to Pink Lobster as a result of they stopped the hush puppies. Since I used to be in faculty I like the hush puppies. I am glad they’re again.”
35 yr previous Pink Lobster CEO Damola Adamolekun has $60M to do what he calls a model refresh for Pink Lobster
It is a story to look at pic.twitter.com/1keRjSX7WT
— Josh (@JoshuaOgundu) November 12, 2024
