Red Lobster's new CEO, Damola Adamolekun, stated the company experienced a sales bump following the launch of its revamped menu, excluding the controversial "endless shrimp" promotion.
The company's removal of the permanent $20 endless shrimp offer was crucial, as CEO Adamolekun labeled it the "nail in the coffin" for Red Lobster due to unsustainable financial losses.
Adamolekun admitted that the endless shrimp promotion resulted in an $11 million loss for the third quarter of 2023, as its low margin on food led to too many customers taking advantage.
Seeking to revitalize the brand, Adamolekun emphasized the importance of refreshing the menu and atmosphere to attract younger customers, expressing a determination to steer clear of previous missteps.
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