Red Lobster looks to revive 'Endless Shrimp' after promotion helped sink finances: report

Red Lobster is reportedly weighing the return of its popular "Endless Shrimp" promotion as part of a broader push to revive sales following its 2024 bankruptcy.

The all-you-can-eat deal – which previously contributed to millions in losses – could come back as a limited-time offer, possibly as soon as this month, Bloomberg reported, citing sources familiar with the plans.

A Red Lobster spokesperson told FOX Business the company doesn't have "anything to announce at this time," but emphasized that the promotion remains a longtime customer favorite and that the company is closely monitoring guest feedback.

"Endless Shrimp has long been a Red Lobster guest favorite and one of our most popular promotions for 20 years. We’re always paying attention to what our guests are asking for," the spokesperson said. "We’re grateful for the enthusiasm and encourage guests to keep sharing their feedback with us. We’re listening."

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Red Lobster filed for Chapter 11 in May 2024 after mounting losses, including fallout from the $20 "Endless Shrimp" deal that was expanded to a permanent menu item in 2023. 

The promotion was designed to drive traffic, but demand overwhelmed the offer and strained supply costs.

In one example, a diner claimed to have eaten 108 shrimp in a single four-hour sitting.

While it drove strong customer traffic, it also led to roughly $11 million in losses in a single quarter and strained supply costs. For roughly two decades prior, it succeeded as a limited-time offering, according to Bloomberg.

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The potential revival comes as Red Lobster works to rebuild momentum about 18 months after emerging from bankruptcy.

CEO Damola Adamolekun, the former P.F. Chang’s chief who took over in August 2024, is leading a turnaround strategy focused on increasing traffic and modernizing the brand.

Efforts include trimming the menu by about 20%, introducing new items like lobster bisque and seafood boils and rolling out a revamped in-restaurant experience, according to Bloomberg.

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The company is also reassessing its footprint after closing about 130 locations during bankruptcy, with additional closures still under consideration, Adamolekun told The Wall Street Journal in a February interview.

"There's a lot of positive signs, but we inherited a very damaged brand, so there's still work to do to repair all of that," Adamolekun told the Journal at the time.

FOX Business' Eric Revell and Daniella Genovese contributed to this report.