Red Lobster to revive disastrous ‘countless shrimp deal’

Red Lobster to revive disastrous ‘countless shrimp deal’

Good news for remorseless consuming machines, arr!

Red Lobster is reportedly planning to revive the disastrous “endless shrimp” deal that helped push the seafood chain into chapter 11.

A limited-time version of the $20 all-you-can-eat shrimp provide might launch as soon as this month, Bloomberg reported, citing sources with information of the plans.

A limited-time version of the $20 all-you-can-eat shrimp deal might launch as soon as this month, the report said. Red Lobster

A Red Lobster rep told the outlet that it doesn’t have “anything to announce at this time,” including that countless shrimp has lengthy been a favourite of visitors and certainly one of its most common promotions. 

Red Lobster didn’t instantly reply to The Post’s request for remark.

Fortress Investment Group, which owns Red Lobster, declined to remark.

CEO Damola Adamolekun – the 37-year-old who was employed in August 2024 after main a turnaround effort at PF Chang’s – has repeatedly claimed Red Lobster shall be “the greatest comeback in the history of the restaurant industry.”

The revival of its ill-fated countless shrimp deal would mark an sudden manner to try that comeback.

The choice to provide it for a restricted time comes after the everlasting menu fixture brought on Red Lobster to lose a whopping $11 million in a single quarter.

For 20 years, countless shrimp existed as a seasonal, limited-time deal.

But in 2023, Red Lobster’s earlier homeowners determined to strive making it everlasting. 

It was so common and dear that it compelled eating places to churn by way of huge inventories of shrimp, and has been blamed for the chain’s downfall.

Since rising from chapter in September 2024, Red Lobster has struggled to win over inflation-battered clients in a extremely competitive fast-casual eating sector.

The privately-held company forecast a virtually $52 million loss in 2025. It’s hoping to flip a revenue this 12 months.

Red Lobster has struggled to win over inflation-battered clients in a extremely competitive fast-casual eating sector. Getty Images

As the chain’s new homeowners reportedly develop reluctant to shell out more money, Adamolekun has centered on making modifications inside current eating places and attempting to attraction to a youthful, more numerous crowd.

He launched a new hospitality effort in eating places and trimmed menu choices by 20%, retaining classics like cheddar bay biscuits and including new gadgets like bacon-wrapped scallops, lobster bisque, spicy seafood boils and further glad hour specials. 

The company has also thought of promoting more Red Lobster-branded merchandise, like a particular biscuit combine, in retailers.

But Red Lobster is still affected by a 2014 deal under prior possession that caught it with costly, long-term leases at unprofitable restaurant areas.

The Endless Shrimp deal brought on Red Lobster to lose $11 million in a single quarter. Red Lobster

Some of those leases cowl a number of properties, which has made it troublesome for the company to shut underperforming areas that are lined under the same lease as high-performing ones.

Red Lobster has been working with advisers to strive to renegotiate many of these burdensome leases, according to Bloomberg.

The company would ideally have dozens fewer eating places in its portfolio if it might skirt round these leases – implying that more retailer closures might come down the line, the Wall Street Journal earlier reported.

During the 2024 chapter course of, Red Lobster shuttered 130 eating places. It at the moment has round 500 areas.

Meanwhile, Adamolekun has argued that the monetary assist from Red Lobster’s homeowners is a key side of the model’s turnaround strategy – and implied that his dedication to the company is dependent upon that relationship.

“Part of my role is to show this is a business worth investing in,” he told Bloomberg in January. “Now, if I make that case, and I believe it, and I’m not getting a positive reaction? Then, you know, this is at-will on all sides.”

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