Latest news with #DamolaAdamolekun
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@
Yahoo
09-05-2025
- Business
- Yahoo
Once-Struggling Seafood Restaurant Chains Making A Comeback
In the world of American fast food, it's safe to say that seafood restaurants are nowhere near as popular as more familiar establishments that specialize in mainstays like burgers or chicken. Smithsonian Ocean has highlighted a certain American squeamishness surrounding sea-based protein. This lack of popularity may be part of why seafood restaurants like Bubba Gump and Kona Grill are disappearing across the country, with many once-beloved chains declaring bankruptcy to combat the effects of inflation and changing consumer habits. But all is not lost for lovers of fish in all its forms. Certain seafood chains are making a comeback, and they're hopefully here to stay. Restaurants like Red Lobster, Long John Silver's, and Arthur Treacher's are emerging from years-long slumps with new locations, updated menu offerings, and even refreshed aesthetics that may just reinvigorate their popularity with a new generation of patrons. Let's explore what these seafood establishments once were, how they lost their way, and how each brand is successfully chasing a fresh start. Read more: Popular Panda Express Menu Items, Ranked Worst To Best Starting in the 1970s, Red Lobster was many Americans' go-to for casual, affordable seafood. Thanks to offerings like its popcorn shrimp and eventually its beloved Cheddar Bay biscuits (which you can recreate at home with our recipe), this chain spread across the U.S. and brought coastal flavors inland. As decades passed, however, consumer habits changed along with the economy, and casual sit-down chains suffered from the rapid disappearance of the middle class. A May 2024 bankruptcy filing (often blamed on Red Lobster's overzealous endless shrimp promotion, at least in part) signaled to many that the seafood chain was going under, but in September 2024, the tides turned. This was thanks to Fortress Investment Group, which acquired the Red Lobster brand through a newly created entity, RL Investor Holdings LLC, and provided $60 million to help the struggling chain get back on its proverbial feet. The month prior, Red Lobster also welcomed a new CEO — Damola Adamolekun, formerly the CEO of P.F. Chang's — and began closing restaurants to streamline operations. Red Lobster officially exited bankruptcy on September 16, 2024 and has taken steps to revitalize its brand. One of these was trimming down the menu while reintroducing old favorites, like hush puppies, lobster pappardelle pasta, and even Lobsterfest, an annual menu promotion that wrapped up its initial return on April 20, 2025. The company also updated its tartar sauce recipe and notably discontinued its infamous endless shrimp promotion, which was made a permanent menu fixture prior to the bankruptcy filing. To attract millennial and Gen Z diners, the chain will also start "offering premium ingredients and a more vibrant dining atmosphere," per Food Chain Magazine. Long John Silver's, now known for its fried pollock and hush puppies, opened its first location in 1969 in Lexington, Kentucky. Over the following 10 years, its footprint grew to over 1,000 restaurants. CNN Money wrote that the chain "popularized the idea of seafood as fast food," but that popularity apparently waned not long after the article's 1998 publishing. In fact, Long John Silver's filed for bankruptcy that same year (likely due to the immense debt it acquired after going private in 1989), and as recently as 2017, the brand came under fire for selling low-quality food. So, what has changed to enable a Long John Silver's resurgence? The first sign of a revival came in 2016 when the brand revealed an updated, more mature logo at a convention in Louisville, Kentucky (which also came with a uniform fashion show). Seven years later, the company brought on a new CEO, Nate Fowler — who brought experience from major companies like Nike and US Bank — and the change in leadership may have inspired yet another brand refresh. Long John Silver's also made some menu improvements in 2023, like using thicker fish and updating the marination process for its chicken. As revealed in a June 2024 report from QSR, the chain additionally plans to focus on "improving assets, upgrading technology, and transforming unit economics for franchisees" moving forward. The report also highlighted the restaurant's app and loyalty program, known as the "Seacret Society," through which customers can gain points and earn rewards. Self-service kiosks and digital menu boards are also on the docket, as are plans to move away from the restaurant's familiar (but arguably outdated) "fish shack" aesthetic. Arthur Treacher's Fish & Chips, founded in 1969 in Columbus, Ohio, was named after a British actor, likely to signal to American diners that the seafood chain aimed to provide an authentic English experience. (This is particularly evident on an archived version of its website, which makes reference to its "oversized french fries known as 'Chips.'") Its specialties included battered shrimp, fish, and chicken, and at its peak in the '70s, it operated just about 800 locations. So, whatever happened to Arthur Treacher's? The (kind of) short answer is that conflicts between England and Iceland in the mid 20th century made English-imported cod — the preferred fish in classic fish and chips — unsustainably expensive for the American chain, leading to its acquisition by Mrs. Paul's Kitchen Inc., a frozen fish and veggie manufacturer, in 1979. This marked the beginning of the brand's gradual decline (which included a 1980 bankruptcy filing), and by 2021, only one Arthur Treacher's remained, located in Cuyahoga Falls, Ohio. Fortunately, this '70s throwback is angling for a return. Thus far, this comeback is characterized by the opening of several new locations. How the chain expanded from its one remaining location to two isn't entirely clear, but on March 30, 2025, the Arthur Treacher's Facebook page announced that its third location would be opening in Cleveland Heights, Ohio on April 1 (an event clarified was "no April Fool's joke"). Additionally, hot dog mainstay Nathan's Famous has owned the Arthur Treacher's brand since 2021, resulting in a couple of hybrid locations, as well as plans to implement ghost kitchens. As James Walker, Nathan's SVP of restaurants, told QSR around the time of acquisition, "We're making sure all of the food is memorable, craveable, and Instagrammable." Read the original article on Mashed.
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.
