On Monday, new Red Lobster CEO Damola Adamolekun, 35, told TODAY that the chain’s mega-popular $20 endless shrimp deal has ended permanently. It also almost ended the restaurant.
After offering endless shrimp as a limited-time, usually once-a-year deal for decades, Red Lobster made the promotion a regular menu item—and immediately regretted it. The deal proved too popular and cost the parent company a nearly $11 million profit loss in Q3 2023.
“We knew the price was cheap. But the idea was to bring more traffic in the restaurants,” said the CFO of Thai Union, the then-major shareholder, in a November 2023 earnings call.
Related: Red Lobster Changed Its ‘Endless Shrimp’ Promotion
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