Latest news with #Adamolekun
Mint
4 days ago
- Business
- Mint
Red Lobster CEO Wins Back Diners With New Menu, Friendlier Service
(Bloomberg) -- Red Lobster's new CEO said customer feedback has improved significantly since the restaurant chain emerged from bankruptcy with a revamped menu and a renewed focus on hospitality. The chain monitors online reviews to gauge how happy diners are. Positive comments now far outweigh negative ones and overall ratings are trending well above the industry average, Chief Executive Officer Damola Adamolekun said in an interview. He credited the shift in part due to the company training workers to engage more with customers. 'If a guest comes in, somebody should be smiling to greet them at the host stand,' Adamolekun said. 'If a guest wants to use the bathroom, you escort them to the bathroom — you don't point.' Founded in Florida in 1968, Red Lobster expanded rapidly in the 1970s and 1980s and developed a loyal following for its cheddar biscuits. It was once a preeminent casual dining name, seen as a 'fancy' destination to celebrate graduations and other life events. More recently, expensive labor and lease costs along with a money-losing unlimited shrimp promotion helped push the closely held company into bankruptcy in May 2024. It's now looking to reconnect with diners and attract a new generation of fans even as a broader slowdown in restaurant traffic has hit casual-dining chains particularly hard. Adamolekun, who had previously led a turnaround at P.F. Chang's, was appointed to the top post at Red Lobster when it emerged from bankruptcy in September. Sales and traffic have improved since then, he said, without offering specifics. One of his first moves was refreshing the menu with new items such as lobster pappardelle pasta and bacon-wrapped scallops. The 36-year-old also brought back fan favorites including hush puppies and popcorn shrimp, while keeping the staple biscuits. Other moves have involved launching TV ads, beefing up the chain's social media presence and partnering with sports teams like Ice Cube's 3-on-3 basketball league. Adamolekun said he doesn't have any immediate plans to bring back unlimited shrimp, but he didn't rule it out in the future, noting the offer used to be profitable. In the meantime, Red Lobster has introduced appetizer deals and a $5 happy hour. It also has a $19.99 three-course 'shrimp sensation' promotion in select locations, which does make money, Adamolekun said. 'We want to have a core value offering at all times,' he said on a Bloomberg TV interview. 'Ongoing value is important to the guest, especially in a challenged macroeconomic environment.' The company has shifted some of its shrimp supply from China to countries like India to avoid steep tariffs imposed by the Trump administration. Red Lobster sources its lobster and crab from the US or Canada, which is exempt from many levies under the USMCA free-trade agreement. A top priority for Adamolekun is remodeling the chain's 545 restaurants so they're 'energetic, vibrant, inviting, warm.' He expects renovation costs to be about $500,000 or more for each location and said the process could take four to five years. He aims to open the first remodeled location in the next six months, potentially in Atlanta. Better-looking restaurants tend to drive repeat business, according to the CEO. 'Young people especially care about the look and feel of a restaurant,' he said. 'They care the most because they want to be able to take photos, they want to be able to post on social media.' --With assistance from Scarlet Fu, Romaine Bostick, Michael Hirtzer and Isis Almeida. More stories like this are available on
Los Angeles Times
4 days ago
- Business
- Los Angeles Times
Red Lobster CEO wins back diners with new menu, friendlier service
Red Lobster's new CEO said customer feedback has improved significantly since the restaurant chain emerged from bankruptcy with a revamped menu and a renewed focus on hospitality. The chain monitors online reviews to gauge how happy diners are. Positive comments now far outweigh negative ones and overall ratings are trending well above the industry average, Chief Executive Officer Damola Adamolekun said in an interview. He credited the shift in part due to the company training workers to engage more with customers. 'If a guest comes in, somebody should be smiling to greet them at the host stand,' Adamolekun said. 'If a guest wants to use the bathroom, you escort them to the bathroom — you don't point.' Founded in Florida in 1968, Red Lobster expanded rapidly in the 1970s and 1980s and developed a loyal following for its cheddar biscuits. It was once a preeminent casual dining name, seen as a 'fancy' destination to celebrate graduations and other life events. More recently, expensive labor and lease costs along with a money-losing unlimited shrimp promotion helped push the closely held company into bankruptcy in May 2024. It's now looking to reconnect with diners and attract a new generation of fans even as a broader slowdown in restaurant traffic has hit casual-dining chains particularly hard. Adamolekun, who had previously led a turnaround at P.F. Chang's, was appointed to the top post at Red Lobster when it emerged from bankruptcy in September. Sales and traffic have improved since then, he said, without offering specifics. One of his first moves was refreshing the menu with new items such as lobster pappardelle pasta and bacon-wrapped scallops. The 36-year-old also brought back fan favorites including hush puppies and popcorn shrimp, while keeping the staple biscuits. Other moves have involved launching TV ads, beefing up the chain's social media presence and partnering with sports teams like Ice Cube's 3-on-3 basketball league. Adamolekun said he doesn't have any immediate plans to bring back unlimited shrimp, but he didn't rule it out in the future, noting the offer used to be profitable. In the meantime, Red Lobster has introduced appetizer deals and a $5 happy hour. It also has a $19.99 three-course 'shrimp sensation' promotion in select locations, which does make money, Adamolekun said. 'We want to have a core value offering at all times,' he said on a Bloomberg TV interview. 'Ongoing value is important to the guest, especially in a challenged macroeconomic environment.' The company has shifted some of its shrimp supply from China to countries like India to avoid steep tariffs imposed by the Trump administration. Red Lobster sources its lobster and crab from the US or Canada, which is exempt from many levies under the USMCA free-trade agreement. A top priority for Adamolekun is remodeling the chain's 545 restaurants so they're 'energetic, vibrant, inviting, warm.' He expects renovation costs to be about $500,000 or more for each location and said the process could take four to five years. He aims to open the first remodeled location in the next six months, potentially in Atlanta. Better-looking restaurants tend to drive repeat business, according to the CEO. 'Young people especially care about the look and feel of a restaurant,' he said. 'They care the most because they want to be able to take photos, they want to be able to post on social media.' Sirtori writes for Bloomberg.
Yahoo
07-06-2025
- Business
- Yahoo
Red Lobster's 36-year-old CEO started as a Goldman Sachs intern. He reveals 3 bold moves he's cooking up for the seafood chain's comeback
Red Lobster CEO Damola Adamolekun came from a private equity and finance background, breaking into the restaurant industry through a successful deal he navigated. The former P.F. Chang's CEO outlined the changes he's enacting to save the beleaguered seafood chain from bankruptcy and to make it the beloved brand it once was. Damola Adamolekun reached the pinnacle of restaurant leadership in a somewhat unconditional way. Although the Red Lobster CEO waited tables back in high school, his first big career move was landing an internship with global investment bank Goldman Sachs at age 19. At the time, Adamolekun was a student athlete at Brown University, where he studied economics and political science. He continued to work as an analyst with Goldman Sachs following graduation for a couple of years, then moved on to become a private equity associate with TPG Capital, where he worked until 2015. But Adamolekun's big break came while he was a partner at hedge fund Paulson & Co., which now operates as a family office. In 2019, Paulson purchased Asian-inspired restaurant chain P.F. Chang's in a $700 million deal. Adamolekun said during a podcast episode of The Breakfast Club that he was the one who pitched the idea to buy P.F. Chang's to the firm. 'I thought we could do a lot of new things with it. We could add delivery, we could remodel the restaurants. We could make it more interesting,' Adamolekun said. The deal was successful—until the pandemic hit, wiping out restaurant and retail businesses. The P.F. Chang's CEO even stepped down during COVID, and Adamolekun had to 'rescue the situation,' he said. And with that, Adamolekun stepped in as CEO, officially charting his path to become a revered restaurant executive. The P.F. Chang's deal 'ended up being a really good deal, but not without a lot of blood, sweat, and tears for a few years,' Adamolekun said. He masterminded a plan to remodel the chain's restaurants and revamp the menu—and is largely using the same playbook as CEO of Red Lobster. Adamolekun, 36, took over as CEO of Red Lobster in September, as the seafood chain was crawling from the ashes of bankruptcy. He has a three-pillar roadmap for reviving Red Lobster, particularly in the aftermath of its endless-shrimp debacle. One of the biggest mistakes Red Lobster made was its endless-shrimp promotion. Because guests took advantage of the bonkers deal by consuming pound after pound of shrimp, the seafood chain ended up losing millions of dollars. So, needless to say, Adamolekun is steering clear of any future bottomless-shrimp promotions in the future. Instead, he's focused on revamping the seafood chain's menu. 'There's a lot of chain restaurants, [but] there's only one that serves lobster and crab the way we do,' Adamolekun told The Breakfast Club. The seafood chain is leaning into that differentiator, and one new crab dish has become Adamolekun's favorite. Adamolekun's master plan for reinvigorating Red Lobster includes remodeling the chain's 545 restaurants. But remodeling at that scale takes time—and money. For now, Adamolekun has implemented small changes, like changing up the music diners listen to while at the restaurant. 'We fix the things we can fix quickly,' he said during the podcast. 'The music is better.' The restaurant chain has also printed market prices for lobsters on table liners, and will continue to implement 'small things you can do now.' 'But comprehensively there needs to be a remodel…and that's something that we'll do in the future, I think,' Adamolekun said. Another cost-effective way the restaurant chain is making incremental improvements is through service and hospitality changes. Service workers are expected to greet guests more quickly and be more attentive. And Red Lobster has already seen tangible improvements from service changes. The restaurant chain tracks a sentiment score, which is a net positive versus negative sentiment, Adamolekun explained, or what people are saying is good versus bad at Red Lobster. The sentiment score was only 30 when he first took over, but last month it had doubled to 60, Adamolekun said during the podcast. 'When you go to Red Lobster next, you'll see it's going to feel different,' Adamolekun told The Breakfast Club. A version of this story originally published on on February 26, 2025. This story was originally featured on
Yahoo
05-06-2025
- Business
- Yahoo
Damola Adamolekun Breathes Life Into Red Lobster And Its Throwback Menu
Thanks to its new CEO, Damola Adamolekun, Red Lobster is revamping its menu with a nod to the past. The restaurant chain will bring back some of its most popular items from years gone by. Adamolekun, announced the changes in an Instagram video. 'We're bringing back some fan favorites,' he said. 'Yup, they're back, and there's plenty under $20 on the menu.' Adamolekun didn't specify how many dishes would make a comeback, but he did assure customers that the beloved Cheddar Bay biscuits will remain a staple. 'We got that right the first time,' the Nigerian-American said about the crowd-pleasing appetizer. Before taking on the role of CEO, the Harvard graduate said he visited several of the restaurants' locations to assess customers' needs. Adamolekun told the Wall Street Journal that customers 'want quality food in a comfortable setting and to connect with the history of the brand.' The 36-year-old CEO may fulfill customers' desires by reintroducing nostalgic menu items like hushpuppies, which the company announced in November of last year would return to the menu. In August 2024, Adamolekun became the youngest CEO in the company's 56-year history. He guided the seafood chain restaurant out of bankruptcy and into a modernized era, adopting a public-facing approach and frequently appearing in the chain's social media campaigns. This approach seemed to resonate with many social media users. 'Great ad! CEO is super impressive and compelling, charismatic on camera! Good move!' a social media user commented on Red Lobster's Instagram post. 'Dude just got me to follow Red Lobster on IG' another commenter wrote. Before joining Red Lobster, Adamolekun was the first Black CEO of P.F. Chang's, where he revitalized the brand. He generated over $1 billion in annual revenue while leading the Asian-inspired food chain, according to the National Restaurant Association. Adamolekun is applying his proven business acumen at Red Lobster, working to improve service, upgrade the menu, and modernize the uniforms and restaurant interiors. '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 former Goldman Sachs intern received a business degree from Brown University and an MBA from Harvard Business School. RELATED CONTENT: These Black-Owned Restaurant Concepts Are Thriving Right Now Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
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@
