On Monday, new Purple Lobster CEO Damola Adamolekun, 35, instructed TODAY that the chain’s mega-popular $20 endless shrimp deal has ended completely. It additionally virtually ended the restaurant.
After providing infinite shrimp as a limited-time, normally once-a-year deal for many years, Purple Lobster made the promotion an everyday menu merchandise—and instantly regretted it. The deal proved too common and price the dad or mum firm an almost $11 million profit loss in Q3 2023.
“We knew the worth was low-cost. However the thought was to carry extra visitors within the eating places,” stated the CFO of Thai Union, the then-major shareholder, in a November 2023 earnings call.
Associated: Red Lobster Changed Its ‘Endless Shrimp’ Promotion After Losing $11 Million in One Quarter
Adamolekun turned CEO of Red Lobster in August and was beforehand CEO of P.F. Chang’s. When TODAY requested if Infinite Shrimp would ever return, he stated most likely not, “as a result of I understand how to do math.”
Nonetheless, he did announce some new menu items 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 anticipate a stampede into our eating places as a result of we’re bringing again the hush puppies,” Adamolekun stated. “I ended going to Purple 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.”
35 12 months previous Purple Lobster CEO Damola Adamolekun has $60M to do what he calls a model refresh for Purple Lobster
This can be a story to observe pic.twitter.com/1keRjSX7WT
— Josh (@JoshuaOgundu) November 12, 2024