On Monday, new Pink Lobster CEO Damola Adamolekun, 35, informed TODAY that the chain’s mega-popular $20 infinite shrimp deal has ended completely. It additionally nearly ended the restaurant.
After providing infinite shrimp as a limited-time, normally once-a-year deal for many years, Pink Lobster made the promotion an everyday menu merchandise—and instantly regretted it. The deal proved too standard and value the father or mother firm an almost $11 million revenue loss in Q3 2023.
“We knew the value was low cost. However the thought was to carry extra site visitors within the eating places,” stated the CFO of Thai Union, the then-major shareholder, in a November 2023 earnings name.
Associated: Pink Lobster Modified Its ‘Limitless Shrimp’ Promotion After Shedding $11 Million in One Quarter
Adamolekun grew to become CEO of Pink Lobster in August and was beforehand CEO of P.F. Chang’s. When TODAY requested if Limitless Shrimp would ever return, he stated in all probability not, “as a result of I understand how to do math.”
Nevertheless, he did announce some new menu objects 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 count on a stampede into our eating places as a result of we’re bringing again the hush puppies,” Adamolekun stated. “I finished going to Pink Lobster as a result of they stopped the hush puppies. Since I used to be in school I really like the hush puppies. I am glad they’re again.”
35 12 months outdated Pink Lobster CEO Damola Adamolekun has $60M to do what he calls a model refresh for Pink Lobster
It is a story to look at pic.twitter.com/1keRjSX7WT
— Josh (@JoshuaOgundu) November 12, 2024
