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The Journal.

Red Lobster's New CEO Plots Its Comeback

The Journal.

The Wall Street Journal

Daily News, Business News, News

4.25.3K Ratings

🗓️ 24 September 2024

⏱️ 19 minutes

🧾️ Download transcript

Summary

This month, Red Lobster emerged from bankruptcy. At the helm of the restaurant chain is its new CEO, 35-year-old Damola Adamolekun. Ryan Knutson talks to Adamolekun about what brought about Red Lobster’s decline and his plan to revitalize the company. Further Listening: - McDonald’s Wants To Offer Quality And Value. Can It Do Both? Further Reading: - The 35-Year-Old CEO Plotting Red Lobster’s Comeback - Red Lobster Exits Chapter 11 Bankruptcy With New Owners, CEO Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0

Red Lobster. It's been a staple of strip mall casual dining for more than 50 years.

0:11.6

You might remember some of those classic ads.

0:14.0

Or we can try to eat the plants,

0:17.0

put them on a plate.

0:19.0

Home of the free cheddar bay biscuits, popcorn shrimp, the Admiral's Feast, brownie overboard,

0:26.3

an endless shrimp. But over the past few years, Red Lobster has been floundering.

0:37.0

It faced declining sales and aging restaurants.

0:43.4

And this spring, it looked like Red Lobster was cooked.

0:47.4

Red Lobster is officially under water.

0:49.8

The restaurant chain is filed for Chapter 11 bankruptcy.

0:52.8

America's largest seafood restaurant chain.

0:55.4

Red lobster is in a serious financial pinch.

0:58.4

Branches in at least 27 states, suddenly closing.

1:01.8

The seafood chain was hundreds of millions of dollars in debt.

1:05.0

Dozens of restaurants were turning off the lights.

1:08.0

Some were auctioning off the microwaves, friars, and lobster tanks.

1:12.0

Amid all friars and lobster tanks.

1:16.0

Amid all these problems, one very important customer

1:18.0

started dining at Red Lobsters across the country.

1:20.0

He'd show up kind of incognito, sample the lobster tails, try the crab legs.

1:26.0

And so when you'd go in, would you normally sit by yourself?

1:30.0

Would you order the same thing?

...

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