On Monday, new Crimson Lobster CEO Damola Adamolekun, 35, informed TODAY that the chain’s mega-popular $20 countless shrimp deal has ended completely. It additionally nearly ended the restaurant.
After providing countless shrimp as a limited-time, normally once-a-year deal for many years, Crimson Lobster made the promotion a daily menu merchandise—and instantly regretted it. The deal proved too standard and value the mum or dad firm an almost $11 million revenue loss in Q3 2023.
“We knew the value was low-cost. However the concept was to carry extra site visitors within the eating places,” mentioned the CFO of Thai Union, the then-major shareholder, in a November 2023 earnings name.
Associated: Crimson Lobster Modified Its ‘Countless Shrimp’ Promotion After Dropping $11 Million in One Quarter
Adamolekun grew to become CEO of Crimson Lobster in August and was beforehand CEO of P.F. Chang’s. When TODAY requested if Countless Shrimp would ever return, he mentioned most likely not, “as a result of I understand how to do math.”
Nevertheless, he did announce some new menu objects 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 mentioned. “I ended going to Crimson Lobster as a result of they stopped the hush puppies. Since I used to be in school I like the hush puppies. I am glad they’re again.”
Associated: Crimson Lobster Breaks Silence on ‘Misunderstood’ Chapter Submitting: ‘Does Not Imply We Are Going Out of Enterprise’
35 12 months outdated Crimson Lobster CEO Damola Adamolekun has $60M to do what he calls a model refresh for Crimson Lobster
It is a story to look at pic.twitter.com/1keRjSX7WT
— Josh (@JoshuaOgundu) November 12, 2024
