Pink Lobster is attempting to vary the tides in its post-bankruptcy period. In Could, the informal seafood eating chain filed for Chapter 11 chapter after closing dozens of eating places, which gave it time to deal with “a number of monetary and operational challenges,” its former CEO Jonathan Tibus mentioned in a press release.
One of many main blunders made by Pink Lobster was its $20 infinite shrimp promotion. Whereas the deal made fairly the splash with clients, the corporate suffered tens of millions in working losses. And Pink Lobster’s new CEO, Damola Adamolekun, warned clients to not maintain their breath for the promotion to make a comeback.
It’s “as a result of I understand how to do math,” Adamolekun instructed TODAY in an interview on Monday. Pink Lobster didn’t instantly reply to Fortune’s request for additional remark.
@ugh_madison I might solely keep for 4 and half hours however i feel I received my $27 value. I want i had 2 crab muffins and three lemon drops to go together with my purple lobster infinite shrimp! #redlobster #champion ♬ authentic sound – ugh madison
At simply 35 years previous, Adamolekun was additionally named to Fortune’s inaugural 100 Most Highly effective Individuals record printed this week, which relies on the scale and well being of the enterprise, innovation, affect, trajectory, and impression. Adamolekun, who ranks No. 89 on the record, has at all times been utterly devoted to his profession.
“My life is my work. My work is my life,” he instructed Fortune in 2023 when he was CEO of Asian-fusion restaurant chain P.F. Chang’s.
@fortune Pink Lobster’s new CEO instructed Fortune in 2023 that he would not imagine in work-life steadiness. #redlobster #redlobsterrestaurant #meals #foodtok #ceo #worklife #worklifebalance #routine #steadiness #wlb #recommendation #leadershipadvice #fortune #interview #csuite #information #businessnews #success #successtok #successtips #successstory ♬ authentic sound – Fortune Journal
This summer time was Adamolekun’s likelihood to tackle a brand new problem. He turned chief government of Pink Lobster in August, simply months after the corporate filed for chapter. Whereas the endless-shrimp debacle absolutely didn’t do any favors for the meals chain, Adamolekun admits it wasn’t the one bother the corporate confronted.
“This wasn’t a one resolution that led us, the corporate, to chapter,” Adamolekun instructed TODAY. “I feel essentially, when an organization is profitable, it’s essential to recollect what made them profitable.”
Since taking the helm at Pink Lobster, Adamolekun has dedicated to controlling the crustacean chaos attributable to the infinite shrimp fiasco by doing precisely what he referred to: going again to what made the corporate profitable within the first place.
“That is, with out exaggeration, one of the crucial essential firms in American historical past,” Adamolekun instructed CNN. “There have been definitely massive errors revamped the previous couple of years.”
What Adamolekun is doing to revive Pink Lobster
Adamolekun is behind a $60 million plan to maintain the seafood chain from drowning once more and has began stacking his C-suite with restaurant-industry veterans. His imaginative and prescient is to “inject extra power” into the restaurant areas, Adamolekun instructed TODAY, by means of new lighting, music, and decor. That is all in an effort to enhance and renovate present restaurant areas, which additionally entails fixing damaged HVAC techniques, torn carpets and chairs, and guaranteeing extra websites don’t shut sooner or later—impression that must be felt “straight away,” he instructed CNN in October. Presently, there are 545 Pink Lobster areas.
“We count on to really feel such as you’re being transported someplace new,” he instructed TODAY.
Adamolekun additionally mentioned he desires to “decrease the test” for purchasers, making it extra inexpensive to dine at Pink Lobster. “We must be one of the best deal for one of the best lobster as a result of we do have one of the best product,” Adamolekun instructed TODAY.
Whereas Adamolekun had beforehand talked about truncating the menu to make the corporate extra financially and operationally sound—and likewise assist out frontline staff like servers and cooks—he revealed this week some new and reintroduced gadgets to the lineup.
One menu merchandise’s comeback is anticipated to buoy curiosity within the restaurant chain: hush puppies, which can return with new gadgets like bacon-wrapped sea scallops, lobster bisque, lobster pappardelle pasta, grilled mahi, and parmesan-crusted hen. Nonetheless, some gadgets will probably be eliminated, inflicting a 20% discount in menu gadgets, Adamolekun mentioned.
“There was a social-media riot over us taking off the hush puppies a number of years in the past,” Adamolekun instructed TODAY. “So that’s coming again. I count on to stampede into our eating places as a result of we’re bringing again the hush puppies.”
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