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On Monday, new Purple Lobster CEO Damola Adamolekun, 35, informed 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, often once-a-year deal for many years, Purple Lobster made the promotion an everyday menu merchandise—and instantly regretted it. The deal proved too fashionable and price the father or mother firm an almost $11 million profit loss in Q3 2023.
“We knew the value was low cost. However the concept was to carry extra visitors within the eating places,” mentioned 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 grew to become CEO of Red Lobster in August and was beforehand CEO of P.F. Chang’s. When TODAY requested if Limitless Shrimp would ever return, he mentioned 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 mentioned. “I finished going to Purple Lobster as a result of they stopped the hush puppies. Since I used to be in faculty I really 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 look at pic.twitter.com/1keRjSX7WT
— Josh (@JoshuaOgundu) November 12, 2024
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