Red Lobster’s millennial chief executive is mapping out a path forward for the once-struggling seafood chain with a more focused strategy: Damola Adamolekun, 37, stated that reducing the restaurant’s physical presence and streamlining its menus will be critical to the company’s success.
This follows a string of challenges for the seafood brand over the years—including a bankruptcy filing and the need to shutter dozens of locations to boost its financial performance. However, Adamolekun, who played a key role in reviving Asian-fusion chain P.F. Chang’s, doesn’t shy away from tough tasks.
“I think this can be the greatest comeback in the history of the restaurant industry,” he told ’s Ruth Umoh during a late 2025 interview on the vodcast. “To lead that would be a once-in-a-lifetime opportunity.”
To achieve the turnaround Adamolekun envisions, the company needs to eliminate inefficiencies. The CEO told The Wall Street Journal in a Tuesday-published interview that Red Lobster is assessing its real estate holdings and leases to cut costs and protect its bottom line.
“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 said. The bright spots he references include increased foot traffic at Red Lobster locations in October, and Adamolekun told WSJ sales are up 10% from last year.
Red Lobster’s efforts align with a broader trend in U.S. casual dining, where brands like Olive Garden, Chili’s, and Applebee’s have trimmed their menus and simplified operations. Smaller physical footprints and more straightforward menus help operators manage higher labor and seafood costs while appealing to younger, value-conscious diners.
“In 2025, the most successful restaurants aren’t chasing trends for the sake of it,” according to hospitality industry consulting and tech firm Barmetrix. “They’re solving problems with systems—using automation, smarter menus, loyalty strategies, and new models that match the way guests actually want to eat.”
Adamolekun’s turnaround efforts have supported Red Lobster so far, but now it’s time to shift into improvement mode.
“Some people refuse to set ambitious goals because they’re terrified of failure,” he told ’s Umoh. “I’m not afraid of that. I don’t mind setting really high goals, and I don’t mind going after difficult things. You do your best and try to win.”
Damola Adamolekun’s turnaround vision
Although Adamolekun is confident he can reverse the brand’s fortunes, he acknowledges inheriting a company burdened by high costs and operational issues.
Drawing from his comeback playbook for P.F. Chang’s, Adamolekun is intensely focused on eliminating inefficiencies at Red Lobster. This comes after Fortress Investment Group’s acquisition, which injected $60 million into revitalization efforts like menu tweaks and restaurant refreshes. Red Lobster’s fiscal outlook is already brightening under Adamolekun’s leadership, with the chain targeting $2.1 million by fiscal 2026—marking a shift from years of losses.
He noted that [blank] was one of several factors that propelled Red Lobster into bankruptcy initially.
He told Today he’d never bring it back “because I know how to do math.” While the $20 endless shrimp deal made quite a splash with customers, the company reportedly suffered millions in operating losses.
To offset these losses, the chain must reduce costs by scrutinizing leases and streamlining operations—changes that could lead to more location closures. Currently, the restaurant operates about 550 locations, down from 700 a few years ago. The company has also laid off some location managers and roughly 10% of its corporate staff, as reported by WSJ.
Beyond layoffs and cost-cutting, Adamolekun plans to refresh Red Lobster’s image by improving ambiance, updating menus, and remodeling locations. He also wants to lower prices for customers facing the affordability crisis.
“We should be the best deal for the best lobster because we do have the best product,” Adamolekun told Today.