It comes after years of challenges for the seafood chain, which filed for bankruptcy and was forced to close several restaurants to improve its bottom line. But Adamolekun, who also helped improve Asian-fusion chain PF Chang’s, isn’t afraid of a challenge.

“I think it’s the biggest comeback in the history of the restaurant industry,” he said SPOKE luckby Ruth Umoh in a late 2025 interview with The CEO’s playbook vodcast. “Leadership is a once-in-a-lifetime opportunity.”

To help achieve the transformation Adamolekun envisions, cutting fat is necessary. The CEO said The Wall Street Journal in a interviews published Tuesday that the company is reviewing its real-estate footprint and leases to cut costs to save the company’s bottom line.

“There are many positive signs, but we inherited a damaged brand, so there is still work to be done to fix everything,” Adamolekun said. The bright side he refers to is Red Lobster’s traffic up 6.5% in October, and Adamolekun spoke WSJ sales increased 10% last year.

Red Lobster’s push mirrors a broader trend in casual dining in the US, where brands like Olive Garden, Chili’s, and Applebee’s are overhauling their menus and streamlining operations. Industry analysts say smaller footprints and simpler menus help operators manage higher labor and seafood costs while appealing to younger, value-conscious diners.

“In 2025, the most successful restaurants are not chasing trends for the sake of it,” according to hospitality industry consulting and technology company Barmetrix. “They’re solving systems problems—using automation, smarter menus, loyalty strategies, and new models that fit the way guests want to eat.”

Adamolekun’s turnaround efforts helped Red Lobster claw his way out of bankruptcybut now it’s time for improvement mode.

“Some people refuse to set ambitious goals because they’re afraid of failure,” he says. luckUmoh. “I’m not afraid of that. I don’t mind setting high goals, and I don’t mind aiming for difficult things. You do your best and try to win.”

Damola Adamolekunthe turnaround vision

While Adamolekun is confident that he can turn the ship around, he acknowledges that he inherited a brand plagued by high costs and operational problems.

Like his comeback playbook for PF Chang’s, Adamolekun is laser-focused on dismantling Red Lobster’s inefficiencies. This was followed by the acquisition of Fortress Investment Group, which injected $60 million into revitalization efforts such as menu tweaks and restaurant refreshes. Red Lobster’s financial outlook has brightened under Adamolekun’s leadership, with the chain projects a positive net income to $2.1 million in fiscal 2026, marking a turnaround from years of losses.

He said he will not bring back the endless shrimp promotionwas one of the many factors that drove Red Lobster into bankruptcy in the first place.

He told TODAY he won’t give it back “because I know how to do math.” While the $20 never-ending shrimp deal made a big splash among customers, the company reportedly suffered millions in operating losses.

To help recoup the losses, the chain will need to cut costs by reviewing leases and streamlining operations, which could mean more locations closing. Currently, the restaurant chain operates about 550 locations, up from 700 a few years ago. The company also laid off some location managers and about 10% of its corporate staff, the WSJ reported.

Aside from layoffs and cost cutting, Adamolekun also plans to give Red Lobster a facelift by improving the restaurant’s ambiance, refreshing its menu, and remodeling its restaurants. He also said he wants to lower prices for customers facing an affordability crisis.

“We must be the best deal for the best lobster because we have the best product,” Adamolekun said. TODAY.