Considered one of America’s favourite informal eating chains has had a rocky few months—they usually’re blaming it on shrimp.
In Could, Pink Lobster filed for chapter after greater than 50 areas closed amid huge losses from its too-popular Infinite Shrimp promotion. Then in August, the seafood chain reeled in a brand new CEO: Damola Adamolekun, the 35-year-old former P.F. Chang’s chief govt.
“That is, with out exaggeration, one of the essential corporations in American historical past,” Adamolekun instructed CNN. “There have been actually massive errors revamped the previous couple of years.”
However Since taking the nook workplace, Adamolekun has been on a mission to provide Pink Lobster again its sea legs. One of many main errors he was referring to was the chain’s Infinite Shrimp promotion. Whereas wildly standard with company, it led the corporate to hundreds of thousands in working losses. Plus, it put undue stress on servers and kitchen workers, Adamolekun instructed CNN.
Beneath Adamolekun’s management, the corporate plans to make huge adjustments, like repairing eating places and truncating its menu, which he stated had too many dishes. They’re additionally “performed closing eating places,” Adamolekun stated, and the chain presently has 545 areas. That is all a part of a greater than $60 million plan to maintain the seafood chain from drowning once more.
Along with structural and menu adjustments, Pink Lobster can also be refreshing its C-suite. Simply previously week, the seafood chain has began stacking its govt staff with seasoned restaurant leaders, each with a long time of expertise.
On Tuesday, the corporate introduced Bob Baker would take over as chief monetary officer. He has a protracted historical past of restaurant management having beforehand served as CFO of Checkers & Rally’s in Tampa, Fla., Benihana in Miami, and Cafe Rio Mexican Grill. Earlier than that, he held finance, operations, M&A, and accounting positions with Fortune 1000 quick meals company Yum! Manufacturers. He replaces Stephanie Medley, who had been interim CFO since February and was beforehand chief technique and monetary officer of Ruby Tuesday.
Picture courtesy Pink Lobster
Then on Wednesday, Pink Lobster additionally introduced the appointment of its new chief advertising officer, Nichole Robillard. She most lately led barbecue chain Smokey Bones by way of a rebranding and enterprise transformation interval, which may serve Pink Lobster effectively because it claws its means out of a monetary downturn. Throughout its chapter interval, Pink Lobster’s advertising was dealt with by Sara Bittorf, a specialist in turnarounds and restructurings, based on Advertising and marketing Dive.
Courtesy of Pink Lobster
Pink Lobster didn’t reply to Fortune’s request for remark concerning the new management appointments or whether or not there can be extra C-suite bulletins within the close to future.
In mid-September, Adamolekun reassured prospects and buyers the model was swimming in the suitable course because it exited Chapter 11 chapter.
“Pink Lobster is now a stronger, extra resilient firm,” he stated in a Sept. 16 assertion. “And as we speak is the beginning of a brand new chapter in our historical past.”
