Latest news with #Adamolekun
USA Today
28-05-2025
- Business
- USA Today
Red Lobster CEO teases fan favorites returning, Happy Hour deals, more amid changes
Red Lobster CEO teases fan favorites returning, Happy Hour deals, more amid changes Red Lobster is making changes to its menu lineup, including bringing back hush puppies and offering some items for under $20. Chief Executive Officer Damola Adamolekun announced the changes in a video shared to social media on May 23. 'We're bringing back some fan favorites,' he said. 'Yup, they're back, and there's plenty under $20 on the menu.' The company previously said in September that it would bring back its popcorn shrimp. Red Lobster customers will also be able to grab Happy Hour $5 drinks and appetizer deals, Adamolekun said on May 23. 'One thing that won't be changing: these cheddar bay biscuits,' he said. 'We got that right the first time.' USA TODAY has reached out to Red Lobster for more information on the latest additions and returning menu items. Red Lobster looking to bounce back after bankruptcy, closures The announcement comes after a series of changes within the company. Red Lobster, which has over 540 locations across the U.S. and in Canada, applied for bankruptcy in September. The company was bought out by RL Investor Holdings LLC. In September, Adamolekun was announced as the new Red Lobster CEO. 'With our new backers, we have a comprehensive and long-term investment plan – including a commitment of more than $60 million in new funding – that will help to reinvigorate the iconic brand while keeping the best of its history,' Adamolekun said in a press release on Sept. 5. More retail news: Watch out for these scams targeting Joann closing sales, experts warn Other changes announced last year Back in September, Red Lobster shared plans for seven new menu items, including: Lobster Pappardelle Pasta Bacon-Wrapped Sea Scallops Lobster Bisque Lemon Basil Mahi Simply Prepared Mahi Parmesan-Crusted Chicken Roasted Asparagus Red Lobster also said in September that it was launching a Create Your Own Ultimate Feast deal where customers can mix and match two premium items like Maine Lobster Tail or Snow Crab Legs with other items such as Walt's Favorite Shrimp and Garlic Shrimp Scampi. Saleen Martin is a reporter on USA TODAY's NOW team. She is from Norfolk, Virginia – the 757. Email her at sdmartin@
USA Today
21-03-2025
- Business
- USA Today
Red Lobster's new CEO plans to revamp the seafood restaurant brand
Red Lobster's new CEO plans to revamp the seafood restaurant brand Show Caption Hide Caption Hooters plans to file for bankruptcy Casual restaurant chain Hooters is going to file for bankruptcy in the coming months due to rising costs of food and rent. Fox - 10 Phoenix Red Lobster emerged from bankruptcy in September with new ownership and a new CEO focused on revitalizing the brand. Damola Adamolekun, the former CEO of P.F. Chang's, aims to improve food quality and highlight value while maintaining affordable prices. The chain will receive significant new funding to support its revitalization plan and enhance the customer experience. The Red Lobster restaurant chain exited bankruptcy last September, and its new leader is looking to the brand's future — with some inspiration from his childhood in Illinois. Red Lobster filed for Chapter 11 bankruptcy last May due to massive debt, dozens of location closures, and an overall decline in guests. The chain closed more than 90 locations, including stores in Illinois. Fortress Investment Group LLC acquired Red Lobster as it exited bankruptcy, and appointed Damola Adamolekun chief executive officer. The new CEO recently shared his lifetime affinity for the seafood restaurant from a childhood connection to central Illinois. 'I've been a Red Lobster fan since my first dining experience as a 9-year-old at our Springfield, Illinois, restaurant,' Adamolekun said on The Breakfast Club, the long-running radio show out of New York. 'And as I've prepared to step into the role of CEO," he said, "I've met hundreds of diners across the country who, just like me, are as passionate about Red Lobster now as they were on their first visit." Who is the new Red Lobster CEO? In 2020, the Nigerian-born Adamolekun became the first Black CEO of the Asian restaurant chain P.F. Chang's, staying in that role until December 2023. He is credited with navigating the chain through COVID-19 lockdowns and returning it to growth through a brand refresh and the opening of new restaurants. During his tenure, the chain launched P.F. Chang's To Go locations. Fast food news: Wendy's plans to open 1,000 new restaurants around the world by 2028 Before becoming P.F. Chang's CEO, he was its chief strategy officer and a partner at the chain's principal owner, New York-based investment firm Paulsen & Co. He previously worked for the investment banking division of Goldman Sachs and as a private equity associate at TPG Capital. He also has served on the board of P.F. Chang's, Inday, the National Restaurant Association, and International Tower Hill Mines. How the new CEO plans to save Red Lobster On The Breakfast Club, Adamolekun laid out a simple strategy for revitalizing the company: improve the quality of Red Lobster's product while continuing to offer affordable prices. 'If you want lobster and you want it for $20, we've got the lobster roll for that price in certain markets,' he said. 'At the same time, value is what you get for the price. If the hospitality is way better, the food is more interesting, the drinks are fun, and you pay the same price for all of that; people are going to perceive it as value.' More than $60 million in new financial backing has allowed the company to develop a long-term plan, said Adamolekun. He hopes it will reinvigorate Red Lobster while keeping its foothold as a nostalgic go-to celebratory spot for many. "Red Lobster has a tremendous future," he said, "and I cannot wait to get started on our plan with the company's more than 30,000 team members across the USA and Canada." Adamolekun, 36, also wants to increase public awareness of Red Lobster's quality. He estimated Red Lobster buys a quarter of all lobsters caught on boats, and a quarter of the crab caught in North America. All the chain's lobster and crabs are wild-caught, he said, because they cannot be farm-raised. 'The lobster you get at Red Lobster is as good as lobster you'll get anywhere, but people don't know that,' he said. 'There's a communications aspect. We need to let people know this is the best product you can get.' Adamolekun also said Red Lobster locations could benefit from upgrades to the interior, and the company is working on a plan for that. History of Red Lobster Entrepreneur Bill Darden opened the first Red Lobster franchise in Lakeland, Florida in 1968. The company estimated that it operates more than 500 restaurants in the United States and Canada and is the world's largest seafood-buying company. Former Red Lobster chief executive officer Jonathan Tibus said the chain's "Ultimate Endless Shrimp" promotion resulted in an $11 million loss for the company. The COVID-19 pandemic also played a key role in the chain's financial downfall. Since 2019, guest count declined by 30% and recovered 'only marginally' as the pandemic subsided.
CBS News
20-03-2025
- Business
- CBS News
Red Lobster seeks to adjust to a changing economy as casual dining restaurants face headwinds
Los Angeles — Red Lobster is running advertisements with retired NBA power forward Blake Griffin, hoping it can help drive struggling profits forward. It's part of a full-court press to get customers back in the door and make one of the nation's oldest casual dining chains relevant again. "A lot of people, their early experiences with seafood were at a Red Lobster," said Red Lobster CEO Damola Adamolekun, who is leading the transformation. Adamolekun took over last September, shortly after the chain closed several dozen locations and filed for bankruptcy , along with TGI Friday's , Buca di Beppo and about a dozen other restaurant brands in 2024. There are now 544 Red Lobster locations across the U.S. and Canada. At age 36, the Nigerian-born, Ivy League grad is the youngest CEO in Red Lobster's nearly 60-year history, and he's now taking on its toughest challenge. "You know, crisis, it forces you to move quickly, make decisions, and you can't stew too long on like, am I ready or am I not," Adamolekun said. "…I think there's always a way to make something work, you just need to find the solution." The former investment banker immediately made waves by eliminating Red Lobster's iconic endless shrimp deal. "It's an expensive product," Adamolekun said. "The way they were doing it was unmanaged." He also trimmed down the menu while introducing new items. Five years ago, the COVID-19 pandemic caused a seismic shift in casual dining. According to the foodservice data company Technomic, full-service chain restaurants saw a 28.6% drop in sales, compared to just a 1.9% drop for fast food places. These days, inflation is still preventing many Americans from dining out, while restaurants are navigating rising food costs . Adamolekun admits some of these increased costs are being passed on to Red Lobster's customers. "Your entire cost structure is gonna move up somewhat, and prices in the country will go up somewhat, but I don't want to be higher than overall inflation," Adamolekun said. Red Lobster is no longer in bankruptcy, and an industry survey last month from the National Restaurant Association shows that about eight in 10 restaurant operators expect sales in 2025 to be the same or higher as last year. "What people, especially young people, need in addition to great food is a great atmosphere," Adamolekun said. "The place you can come in, feel good, it looks nice. So if you don't live up to what they expect, they won't come back. They'll go somewhere else, or they'll eat at home."
