Red Lobster's new CEO has taken a jab at the chain's previous bosses, blaming their bankruptcy-inducing endless shrimp promotion on bad math.
The restaurant chain filed for bankruptcy in May 2023 after financial mismanagement and operational struggles, including a disastrous decision to make its $20 endless shrimp promotion a regular menu item.
The addition caused millions of dollars to be lost and forced the chain to close nearly 100 locations.
Damola Adamolekun, who took over as CEO in August 2023, is leading a $60 million revitalization effort that includes trimming the menu by 20%, introducing new items like lobster bisque and bacon-wrapped sea scallops, Today reported.
Adamolekun has been vocal of his criticism of past management decisions, making it clear he views the endless shrimp promotion as emblematic of their failures.
In fact, he has no plans of bringing back the promotion "because I know how to do math," Adamolekun told the outlet in an interview on Monday.
Alongside menu changes, Adamolekun vowed to bring back old fan favorites like hush puppies, while focusing on improving the dining experience through restaurant upgrades and lowering prices.
The company is rolling out revamped menus, improved dining experiences, and renovations to its 545 remaining locations.
© 2024 Latin Times. All rights reserved. Do not reproduce without permission.
