Red Lobster Hospitality, LLC is an American casual dining restaurant chain headquartered in Orlando, Florida.

Red Lobster's Revival: New CEO Outlines Strategy for Seafood Chain's Future

Following its emergence from Chapter 11 bankruptcy last September, Red Lobster is charting a new course under the leadership of CEO Damola Adamolekun, who draws inspiration from his childhood experiences in Illinois.

Red Lobster's bankruptcy filing in May 2024 stemmed from substantial debt, numerous location closures—including several in Illinois, as reported by the Peoria Journal Star—and a decline in customer traffic. The chain ultimately shuttered over 90 locations.

Fortress Investment Group LLC, Red Lobster's new owner, appointed Adamolekun as CEO. He recently shared his lifelong affinity for the seafood restaurant, rooted in a childhood dining experience in Springfield, Illinois.

"I've been a Red Lobster fan since my first dining experience as a 9-year-old at our Springfield, Illinois, restaurant," Adamolekun stated on The Breakfast Club, a New York-based radio show. "And as I've prepared to step into the role of CEO, I've met hundreds of diners across the country who, just like me, are as passionate about Red Lobster now as they were on their first visit."

Who is Damola Adamolekun?

In 2020, Adamolekun, a Nigerian-born executive, became the first Black CEO of P.F. Chang’s, a role he held until December 2023. He is credited with successfully navigating the chain through COVID-19 lockdowns, implementing a brand refresh, and expanding its footprint with new restaurant openings, including P.F. Chang’s To Go locations.

Prior to his CEO role, he served as P.F. Chang’s chief strategy officer and a partner at Paulsen & Co., the chain’s principal owner. He also has a background in investment banking with Goldman Sachs and private equity with TPG Capital. Adamolekun has served on the boards of P.F. Chang’s, Inday, the National Restaurant Association, and International Tower Hill Mines.

Revitalizing Red Lobster: Adamolekun's Strategy

Adamolekun outlined his revitalization strategy on The Breakfast Club, emphasizing improved product quality while maintaining affordable prices.

"If you want lobster and you want it for $20, we’ve got the lobster roll for that price in certain markets," he said. "At the same time, value is what you get for the price. If the hospitality is way better, the food is more interesting, the drinks are fun, and you pay the same price for all of that; people are going to perceive it as value."

With over $60 million in new financial backing, Red Lobster is developing a long-term plan to reinvigorate the brand while preserving its nostalgic appeal as a celebratory dining destination.

"Red Lobster has a tremendous future," Adamolekun stated. "And I cannot wait to get started on our plan with the company's more than 30,000 team members across the USA and Canada."

Adamolekun, 36, aims to enhance public awareness of Red Lobster’s quality. He highlighted that the chain sources a significant portion of North America’s lobster and crab, all of which are wild-caught due to the inability to farm-raise these species.

"The lobster you get at Red Lobster is as good as lobster you’ll get anywhere, but people don’t know that," he said. "There’s a communications aspect. We need to let people know this is the best product you can get."

He also noted that interior upgrades are planned for Red Lobster locations.

Red Lobster's History and Challenges

Founded by Bill Darden in 1968, Red Lobster operates over 500 restaurants in the U.S. and Canada and is recognized as the world's largest seafood-buying company.

Former CEO Jonathan Tibus attributed the chain's financial struggles to the "Ultimate Endless Shrimp" promotion, which resulted in an $11 million loss, and the impact of the COVID-19 pandemic. Guest counts declined by 30% since 2019 and experienced only marginal recovery post-pandemic.

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Address:	450 South Orange Ave, Suite 800
City:	Orlando
State/ZIP:	Florida (FL 32801)
Country:	United States
Phone:	+1 800-562-7837
E-Mail:	[email protected]
Skype:	https://www.instagram.com/redlobster/
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