One among America’s favourite informal eating chains has had a rocky few months—and so they’re blaming it on shrimp.
In Might, Pink Lobster filed for chapter after greater than 50 places closed amid huge losses from its too-popular Limitless Shrimp promotion. Then in August, the seafood chain reeled in a brand new CEO: Damola Adamolekun, the 35-year-old former P.F. Chang’s chief govt.
“This is, without exaggeration, one of the most important companies in American history,” Adamolekun advised CNN. “There were certainly big mistakes made over the last few years.”
However Since taking the nook workplace, Adamolekun has been on a mission to present Pink Lobster again its sea legs. One of many main errors he was referring to was the chain’s Limitless Shrimp promotion. Whereas wildly common with friends, it led the corporate to hundreds of thousands in working losses. Plus, it put undue stress on servers and kitchen workers, Adamolekun advised CNN.
Beneath Adamolekun’s management, the corporate plans to make huge modifications, like repairing eating places and truncating its menu, which he stated had too many dishes. They’re additionally “done closing restaurants,” Adamolekun stated, and the chain presently has 545 places. That is all a part of a greater than $60 million plan to maintain the seafood chain from drowning once more.
Along with structural and menu modifications, Pink Lobster can also be refreshing its C-suite. Simply prior to now week, the seafood chain has began stacking its govt workforce with seasoned restaurant leaders, each with a long time of expertise.
On Tuesday, the corporate introduced Bob Baker would take over as chief monetary officer. He has an extended historical past of restaurant management having beforehand served as CFO of Checkers & Rally’s in Tampa, Fla., Benihana in Miami, and Cafe Rio Mexican Grill. Earlier than that, he held finance, operations, M&A, and accounting positions with Fortune 1000 quick meals company Yum! Manufacturers. He replaces Stephanie Medley, who had been interim CFO since February and was beforehand chief technique and monetary officer of Ruby Tuesday.
Photograph courtesy Pink Lobster
Then on Wednesday, Pink Lobster additionally introduced the appointment of its new chief advertising officer, Nichole Robillard. She most just lately led barbecue chain Smokey Bones by way of a rebranding and enterprise transformation interval, which might serve Pink Lobster nicely because it claws its method out of a monetary downturn. Throughout its chapter interval, Pink Lobster’s advertising was dealt with by Sara Bittorf, a specialist in turnarounds and restructurings, in response to Advertising and marketing Dive.
Courtesy of Pink Lobster
Pink Lobster didn’t reply to Fortune’s request for remark in regards to the new management appointments or whether or not there could be extra C-suite bulletins within the close to future.
In mid-September, Adamolekun reassured clients and buyers the model was swimming in the proper path because it exited Chapter 11 chapter.
“Red Lobster is now a stronger, more resilient company,” he stated in a Sept. 16 assertion. “And today is the start of a new chapter in our history.”
