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 areas closed amid large losses from its too-popular Infinite 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 government.
“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.”
However Since taking the nook workplace, Adamolekun has been on a mission to provide Pink Lobster again its sea legs. One of many main errors he was referring to was the chain’s Infinite Shrimp promotion. Whereas wildly standard with visitors, it led the corporate to thousands and thousands in working losses. Plus, it put undue stress on servers and kitchen workers, Adamolekun instructed CNN.
Underneath Adamolekun’s management, the corporate plans to make large modifications, like repairing eating places and truncating its menu, which he mentioned had too many dishes. They’re additionally “done closing restaurants,” Adamolekun mentioned, and the chain at present has 545 areas. 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 be refreshing its C-suite. Simply up to now week, the seafood chain has began stacking its government crew 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 a protracted 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.
Picture 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 a rebranding and enterprise transformation interval, which might serve Pink Lobster effectively because it claws its manner 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, based on Advertising Dive.
Courtesy of Pink Lobster
Pink Lobster didn’t reply to Fortune’s request for remark concerning the new management appointments or whether or not there can be extra C-suite bulletins within the close to future.
In mid-September, Adamolekun reassured prospects and traders the model was swimming in the proper path because it exited Chapter 11 chapter.
“Red Lobster is now a stronger, more resilient company,” he mentioned in a Sept. 16 assertion. “And today is the start of a new chapter in our history.”