Red Lobster recently brought back its famous Endless Shrimp promotion after once blaming the deal for helping push the company into bankruptcy.
All-You-Can-Eat
The all-you-can-eat seafood special officially returned April 20 for a limited-time run, with prices ranging from about $24.99 to $29.99, depending on location. Diners can choose from five shrimp dishes, including Garlic Shrimp Scampi, Walt’s Favorite Shrimp, Parrot Isle Coconut Shrimp, Shrimp Linguini Alfredo, and the new “Marry Me Shrimp,” inspired by the viral recipe trend, Business Insider reported.
The return comes after the company previously pointed to Endless Shrimp as one of the major reasons behind its 2024 Chapter 11 bankruptcy filing. When the $20 deal became a permanent menu item, it reportedly cost the chain around $11 million in just three months and contributed to store closures nationwide.
But experts say it was more than the popular deal that caused the companies financial woes. Red Lobster’s financial downfall and 2024 bankruptcy were largely tied to a private equity strategy led by San Francisco-based private equity firm Golden Gate Capital following its 2014 acquisition. Through sale-leaseback deals that offloaded company-owned real estate, the firm stripped roughly $1.5 billion in value, leaving the chain burdened with high rent obligations and major debt. The collapse in reality cannot be blamed solely on the “Endless Shrimp” promo since the underlying financial structure was already weakened long before the promotion became an problem.
Red Lobster, founded in 1968 by Bill Darden and sold to General Mills in 1970, was spun off in 1995 into Darden Restaurants. The brand changed hands several times — first to Golden Gate Capital in 2014, then to Thai Union Group in 2020, and following its 2024 bankruptcy filing, the company is has reemerged under new ownership led by Fortress Investment Group.
Now, under CEO Damola Adamolekun, the company is trying the promotion again, but in a more controlled, limited-time format.
“This is about putting our guests first and bringing back something they truly love,” Adamolekun said in a press release. “Endless Shrimp has been a part of Red Lobster’s legacy for 20 years and our guests have never stopped asking for it.”
He added, “We’re excited to bring it back, for a limited time, in a way that works for our business today and honors what made it special from the beginning. Because when our fans talk, we listen.”
At one Los Angeles location, diners were ordering the deal, but large sections of the restaurant still sat empty. A server told Business Insider, “It’s been popular, but not as popular as I would have thought.”
Foot traffic data also showed a smaller response than before. While the 2023 Endless Shrimp push created a major jump in customer visits, this latest launch showed only a modest bump, with some reports showing traffic actually dipping slightly.
Some customers also questioned whether the deal still feels like a bargain.
“I wasn’t too happy with the raise in price,” diner Jeffrey Turney told Business Insider. “For $30, I think you should get at least two sides.”
Still, the company hopes the limited-time return will help drive traffic during a slower stretch of the year as it continues rebuilding after bankruptcy.
fIn fiscal year 2023, the chain posted a $76 million net loss. Red Lobster operates around 500 locations, down from over 700 before the bankruptcy.
