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Endless Shrimp

All articles tagged with #endless shrimp

business5 months ago

Red Lobster's New CEO Revives Chain by Listening to Customers

Red Lobster, under new CEO Damola Adamolekun, has officially retired its popular but financially damaging Endless Shrimp promotion, focusing instead on menu innovation, value deals, and customer engagement to stabilize and revitalize the brand after emerging from bankruptcy. The company also reassures that U.S. tariffs on imported seafood will not lead to price hikes, as most key seafood is sourced domestically or from exempted regions.

via Fortune|
#business#company-turnaround#endless-shrimp
business1 year ago

"Red Lobster Considers Bankruptcy Amid $11M Losses from Endless Shrimp Promotion"

Red Lobster is considering filing for Chapter 11 bankruptcy to restructure its debts after suffering $11 million in losses from its "Ultimate Endless Shrimp" promotion, which backfired when it attracted too many customers. The seafood restaurant chain's new CEO, Jonathan Tibus, has experience in restructuring businesses through the Chapter 11 process. The chain's key lender, Fortress Investment Group, is involved in current debt negotiations, and its Thailand-based investor, Thai Union Group, has announced it is divesting from the restaurant.

via Good Morning America|
#bankruptcy#business#debt-restructuring
business2 years ago

Red Lobster's Endless Shrimp Deal Devours Profits

Red Lobster's popular "Ultimate Endless Shrimp" promotion, which offers all-you-can-eat shrimp for a fixed price, contributed to an $11 million operating loss in the third quarter. The promotion, aimed at boosting business during a slow season, attracted more customers than expected, leading to a drop in profits. Red Lobster raised the price of the deal from $20 to $25 in an attempt to mitigate the losses. Despite the setback, the company plans to keep the promotion on the menu but will be more cautious about pricing and customer demand.

via The New York Times|
#business#endless-shrimp#operating-loss
business2 years ago

Red Lobster's Endless Shrimp Deal Devours $11 Million in Profits

Red Lobster's "Ultimate Endless Shrimp" promotion, which allows customers to eat as much shrimp as they want for $20, proved to be too popular, resulting in an unexpected increase in customer participation and an approximately $11 million loss in the third quarter of 2023. The seafood chain saw a 2% increase in traffic compared to the previous quarter and a 4% increase compared to the previous year. To address the issue, Red Lobster has incrementally increased the price of the promotion from $20 to $25.

via Yahoo Finance|
#business#customer-traffic#endless-shrimp
business2 years ago

Red Lobster's 'Endless Shrimp' Promotion Sinks Chain with $11M Q3 Loss

Red Lobster, the iconic American seafood restaurant, reported an $11 million loss in the third quarter of 2023, with the company's CFO blaming their 'Endless Shrimp' promotion for the significant financial downfall. The all-you-can-eat shrimp deal, which allowed customers to indulge in unlimited shrimp for $20, attracted more diners than anticipated, leading to increased losses. Red Lobster has now increased the price of the promotion to $25 in an attempt to recover some of their losses. The company's yearly loss is predicted to be at least $20 million.

via Daily Mail|
#business#endless-shrimp#financial-reports
consumer-rights2 years ago

Customers Accuse Red Lobster of Surveillance During Endless Shrimp Promotion

Customers on TikTok are criticizing Red Lobster after a user alleged that the restaurant made them feel uncomfortable during a recent visit. The user claimed that they were monitored and told they would be charged for sharing their endless shrimp meals with their family. While some users supported the customer's complaint, others defended Red Lobster, stating that sharing food is not allowed during promotional deals. Red Lobster has not yet responded to the allegations.

via The Daily Dot|
#consumer-rights#customer-experience#endless-shrimp