Red Lobster’s revival with 35-year-old CEO: Will a millennial makeover work?

Nov 11

Karah Rucker Anchor

By Karah Rucker (Anchor), Jodie Hawkins (Senior Video Producer), Jack Henry (Video Editor)

Don’t prepare to say your final goodbyes to cheddar bay biscuits just yet. Red Lobster is hoping for a comeback with a millennial makeover led by the company’s new 35-year-old CEO.

Damola Adamolekun has been at the job since August and is now working to bring in younger guests after the chain closed more than 100 of its 640 restaurants earlier this year.

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The seafood chain got out of bankruptcy in September when new owner Fortress Investment Group gave $60 million toward reshaping the brand. Adamolekun is already starting to refresh Red Lobster’s atmosphere with new decor and different music playlists.

“You’ll start to see changes first incrementally then over time we expect it to feel like you’re being transported somewhere new,” Adamolekun told NBC News.

The company also unveiled a new menu Monday, Nov. 11, that’s 20% smaller. However, it has nine new items and brought back an old fan favorite: hush puppies. Adamolekun confirmed the restaurant’s “all you can eat” endless shrimp deal is officially gone after the company lost $11 million from promotion alone in 2023.

Before Adamolekun joined Red Lobster he was the first black CEO of P.F. Chang’s and he worked as an investment banker for Goldman Sachs.

Tags: Bankruptcy, food, Food service, Money, restaurants

[Karah Rucker]

DON’T PREPARE TO SAY YOUR FINAL GOOD-BYES TO CHEDDAR BAY BISCUITS JUST YET.

RED LOBSTER IS HOPING FOR A COMEBACK WITH A MILLENNIAL MAKEOVER – LED BY THE COMPANY’S NEW 35-YEAR-OLD CEO.

DAMOLA ADAMOLEKUN (adam-oh-lake-uhn) HAS BEEN AT THE JOB SINCE AUGUST AND IS NOW WORKING TO BRING IN YOUNGER GUESTS AFTER THE CHAIN CLOSED MORE THAN 100 OF ITS 640 RESTAURANTS EARLIER THIS YEAR.

THE SEAFOOD CHAIN GOT OUT OF BANKRUPTCY IN SEPTEMBER WITH NEW OWNER FORTRESS INVESTMENT GROUP GIVING 60 MILLION DOLLARS TOWARD RESHAPING THE BRAND.

ADAMOLEKUN IS ALREADY STARTING TO RE-FRESH RED LOBSTER’S ATMOSPHERE.

how do you inject more energy into the dining experience? So that could be lighting .. it could be music … it could be little decor touches .. you’ll start to see changes first incrementally then overtime we expect to feel like you’re being transported somewhere new”

THE COMPANY ALSO UNVEILED A NEW MENU ON MONDAY THAT’S 20 PERCENT SMALLER – BUT WITH NINE NEW ITEMS AND ITS BRINGING BACK AN OLD FAN FAVORITE – HUSH PUPPIES.

ADAMOLEKUN CONFIRMED THE RESTAURANT’S ‘ALL YOU CAN EAT’ ENDLESS SHRIMP DEAL IS OFFICIALLY GONE AFTER THE COMPANY LOST 11 MILLION DOLLARS FROM PROMOTION ALONE IN 20-23.

BEFORE ADAMOLEKUN JOINED RED LOBSTER HE WAS THE FIRST BLACK C-E-O OF P-F CHANGS … AND HE WORKED AS AN INVESTMENT BANKER FOR GOLDMAN SACHS.

FOR SAN – I’M KARAH RUCKER.

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