Red Lobster CEO Damola Adamolekun has been leading the company since 2024, as it claws its way back up from Chapter 11 bankruptcy, which it filed in 2024.
His latest tactic? Artificial intelligence and an endless shrimp promotion and giveaway.
Adamolekun shared his vision to use AI to improve business models and functions for the casual dining chain on “The Black Money Tree Podcast.”
The 37-year-old CEO told podcast host Jerome Love that business leaders can no longer ignore AI. Adamolekun said he hopes to be on the front end of implementing AI with current business strategies, noting he has an advantage as a younger executive who can better understand technology.
Most CEOs of casual dining competitors have been in the industry for decades, including Texas Roadhouse CEO Jerry Morgan and Rick Cardenas, CEO of Olive Garden parent company Darden Restaurants.
Adamolekun is betting on AI to help the company turn a profit as it continues to recover from its 2024 bankruptcy filing.
The chain currently operates around 550 restaurants nationwide, down from its roughly 700 locations a few years ago, according to Fortune.
Earlier this month, the company announced plans to close its Times Square location after 23 years. The company cited prolonged construction that reduced foot traffic and visibility, along with the building’s change to residential housing, according to Business Insider.
The seafood chain also shut down a location in Tallahassee, Florida, that had been in operation since 1970 but closed in May of this year, according to the Tallahasee Democrat.
While on the podcast, Adamolekun shared his philosophy regarding AI in day-to-day operations. He said Chief Operating Officer Larry Konecny designed a process to streamline his visits to individual locations by using AI to compile relevant restaurant metrics into a report. That way, when Konecny arrives at a location, he has the necessary data without requiring his team to manually build the presentation.
“Everybody’s got ideas if you give them the empowerment to come up with them,” Adamolekun said. “So, I’m letting each department come up with their own ideas, and I’m just encouraging it and letting them do it.”
The return of Endless Shrimp and the chance to win it for ‘life’
This tech-forward strategy coincides with an old-school promotional tactic that Adamolekun said got the company in financial trouble to begin with: Endless Shrimp.
In an effort to draw diners back, the classic promotion returned to menus in April for a limited time. The move came despite Adamolekun previously stating the deal was never coming back “because I know how to do math,” as he told Today in a 2024 interview.
The 2026 version of the deal is priced at a minimum of $24.99 in most locations, according to the company. It previously started at $20 in most locations before it was removed.
As the current Endless Shrimp promotion is likely to wind down, the company announced an upgrade: “Endless Endless Shrimp.”
In a giveaway running through June 17, one winner will have the option to receive one of two prizes.
“Endless Shrimp is ending soon, but for one fan, it’ll last a ‘lifetime,’” the company said in the press release.
The giveaway is open to legal U.S. residents who meet the age requirements outlined in the company’s official rules, and no purchase is necessary to enter.
Fans can enter by commenting on the restaurant’s Instagram or TikTok sweepstakes post and tagging a friend they’d take to Red Lobster, according to the rules.
The grand prize winner will have a choice between two rewards. The first option is the “Endless Endless Shrimp” card package, which includes the promotional card, a biometric safe and one year of jiujitsu classes. The package carries an estimated retail value of $9,400, according to Red Lobster’s website.
The second option is a $15,000 cash prize.