Red Lobster CEO says he's planning 'greatest comeback' in restaurant history

Key Points:

• Red Lobster closed dozens of locations and filed for Chapter 11 bankruptcy in May 2024, with new CEO Damola Adamolekun, 37, aiming to lead "the greatest comeback in the history of the restaurant industry."
• Adamolekun, who became CEO in September 2024 and previously led P.F. Chang's, is focusing on reconnecting with customers' emotional ties to the brand, reviving popular menu items, and leveraging technology including AI to modernize operations.
• The chain has struggled due to factors including frequent CEO turnover, a costly real estate sale in 2014, and financial issues linked to making the endless shrimp promotion permanent; Adamolekun has clarified the promotion will now be limited-time only.
• Red Lobster is projecting positive net income by the end of the fiscal year, with mid-single to low-double digit growth in some weeks, and is emphasizing delivery service growth and operational streamlining as part of its turnaround strategy.
• The brand remains popular among Black consumers and has historically served as a career launchpad for Black managers and culinary professionals, a legacy Adamolekun appears committed to honoring in the revival efforts.