Red Lobster is trying to change the tides in its post-bankruptcy era. In May, the casual seafood dining chain filed for Chapter 11 bankruptcy after closing dozens of restaurants, which gave it time to address “several financial and operational challenges,” its former CEO Jonathan Tibus said in a statement.
One of the major blunders made by Red Lobster was its $20 endless shrimp promotion. While the deal made quite the splash with customers, the company suffered millions in operating losses. And Red Lobster’s new CEO, Damola Adamolekun, warned customers not to hold their breath for the promotion to make a comeback.
It’s “because I know how to do math,” Adamolekun told TODAY in an interview on Monday. Red Lobster did not immediately respond to Fortune’s request for further comment.
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