Red Lobster’s CEO shares how he saved the chain from bankruptcy
Red Lobster’s 36-year-old CEO highlighted three moves that sparked the seafood chain’s resurgence on the Breakfast Club podcast in March 2025.
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Red Lobster will close its landmark stores in Florida as part of its ongoing restructuring efforts.
The iconic store at 2583 North Monroe Street in Tallahassee will close on May 24, the store’s manager and employees confirmed to the Tallahassee Democrat, part of the USA TODAY Network, on May 18.
The Tallahassee location, about 400 miles from Red Lobster’s first location in Lakeland, Fla., opened to much fanfare in 1970 and is considered the chain’s oldest continuously operating restaurant, the Tallahassee Democrat reported, adding that the closure marks “the end of an era” for local residents.
When it opened, Red Lobster was advertised as offering “family-priced seafood” to the nation’s capital in a “home-from-home” atmosphere, the Democratic Party said. When the store first opened, baby shrimp, crabmeat, and grilled oysters were priced at $1.85 each, while steaks and lobsters were priced at about $3.55.
The long-established restaurant was spared Red Lobster’s mass closures that affected 130 stores, including 17 in Florida, after the chain filed for Chapter 11 bankruptcy in May 2024, and even had a grand “reopening” in October 2024 with a new menu focused on the flavors of “wild-caught” seafood, but it looks like they’re not so lucky this time around.
Red Lobster did not immediately respond to USA TODAY’s request for more information about the reason for the closure. However, the Tallahassee Democrat reported that the company will close the stores as part of its ongoing restructuring.
Red Lobster focuses on “repair” work, CEO says
Damola Adamolekun, who took over as the chain’s CEO in August 2024, told The Wall Street Journal in February that the chain may need to close more stores to continue its successful post-bankruptcy turnaround.
Red Lobster’s website lists about 460 stores in 44 states, about 20 fewer than in February, when Adamolekun told the Journal, “There are a lot of silver linings, but we inherited a very damaged brand and we still have work to do to repair everything.”
The restaurant chain’s 2024 bankruptcy comes after years of hardship. The company posted a net loss of $76 million in 2023, when it offered Endless Shrimp as a $20 permanent menu item (previously available for a limited time).
Red Lobster also faces other problems, including high debt, a change in management, high inflation and rents, and a decline in customers, court documents revealed. Red Lobster’s signature Endless Shrimp promotion contributed $11 million of its 2023 net loss, then-CEO Jonathan Tibbs said in a bankruptcy filing.
“Endless Shrimp” is back
When Adamolekun took over as CEO, he removed the endless shrimp menu item to reduce stress in the restaurant’s kitchen. Adamolekun told the Journal that young people are exploring Red Lobster, and the chain’s sales are up about 10% from last year.
Fortunately for Red Lobster fans, Endless Shrimp is back for a limited time starting April 21st for dine-in only at participating locations in the U.S. and Canada. Red Lobster has not announced when the promotion will end.
Find a Red Lobster near you
To find a Red Lobster restaurant near you, visit the Red Lobster Locator at redlobster.com/seafood-restaurants.
Contributed by: Greta Cross, Saleen Martin, Mike Snyder / USA TODAY
Saman Shafiq is a trending news reporter for USA TODAY. Contact her at sshafiq@usatodayco.com and follow X and Instagram @saman_shafiq7.
