Pink Lobster is making an attempt to alter 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 handle “several financial and operational challenges,” its former CEO Jonathan Tibus stated in a press release.
One of many main blunders made by Pink Lobster was its $20 countless shrimp promotion. Whereas the deal made fairly the splash with clients, the corporate suffered thousands and thousands 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 “because I know 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 may solely keep for 4 and half hours however i feel I acquired my $27 value. I want i had 2 crab truffles and three lemon drops to go along with my purple lobster countless shrimp! #redlobster #champion ♬ unique sound – ugh madison
At simply 35 years outdated, Adamolekun was additionally named to Fortune’s inaugural 100 Most Highly effective Individuals checklist revealed this week, which relies on the scale and well being of the enterprise, innovation, affect, trajectory, and affect. Adamolekun, who ranks No. 89 on the checklist, has all the time been fully 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 does not imagine in work-life stability. #redlobster #redlobsterrestaurant #meals #foodtok #ceo #worklife #worklifebalance #routine #stability #wlb #recommendation #leadershipadvice #fortune #interview #csuite #information #businessnews #success #successtok #successtips #successstory ♬ unique sound – Fortune Journal
This summer time was Adamolekun’s likelihood to tackle a brand new problem. He grew to become 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 hassle the corporate confronted.
“This wasn’t a one decision that led us, the company, to bankruptcy,” Adamolekun instructed TODAY. “I think fundamentally, when a company is successful, it’s important to remember what made them successful.”
Since taking the helm at Pink Lobster, Adamolekun has dedicated to controlling the crustacean chaos brought on by the countless shrimp fiasco by doing precisely what he referred to: going again to what made the corporate profitable within the first place.
“This is, without exaggeration, one of the most important companies in American history,” Adamolekun instructed CNN. “There were certainly big mistakes made over the last few 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 more energy” into the restaurant places, Adamolekun instructed TODAY, by way of new lighting, music, and decor. That is all in an effort to enhance and renovate present restaurant places, which additionally entails fixing damaged HVAC techniques, torn carpets and chairs, and making certain extra websites don’t shut sooner or later—affect that must be felt “right away,” he instructed CNN in October. At the moment, there are 545 Pink Lobster places.
“We expect to feel like you’re being transported somewhere new,” he instructed TODAY.
Adamolekun additionally stated he needs to “lower the check” for patrons, making it extra reasonably priced to dine at Pink Lobster. “We should be the best deal for the best lobster because we do have 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 in addition assist out frontline staff like servers and cooks—he revealed this week some new and reintroduced objects to the lineup.
One menu merchandise’s comeback is predicted to buoy curiosity within the restaurant chain: hush puppies, which is able to return with new objects like bacon-wrapped sea scallops, lobster bisque, lobster pappardelle pasta, grilled mahi, and parmesan-crusted hen. Nonetheless, some objects can be eliminated, inflicting a 20% discount in menu objects, Adamolekun stated.
“There was a social-media riot over us taking off the hush puppies a few years ago,” Adamolekun instructed TODAY. “So that is coming back. I expect to stampede into our restaurants because we’re bringing back the hush puppies.”
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