Red Lobster, a well-known seafood restaurant, has reintroduced its Lobster Fest, allowing fans to once again indulge in lobster. This year’s Lobster Fest has been dubbed the “most grand Lobster Fest ever,” abbreviated as GLOAT.
Headquartered in Orlando, Florida, Red Lobster filed for bankruptcy in May 2024. In September, the court approved its restructuring, allowing it to be sold to a consortium of lenders led by Fortress Investment Group, LLC. Red Lobster was able to avoid bankruptcy.
On Tuesday, seasonal menu items were reintroduced at Red Lobster restaurants nationwide.
According to a report by “USA Today,” Nichole Robillard, Red Lobster’s marketing director, stated in a press release, “Lobster Fest is the ultimate celebration for lobster enthusiasts. This year, we are taking it to a new level, offering more variety, more flavors, and more ways than ever before to satisfy our guests’ craving for lobster.”
The press release mentioned that Red Lobster will have a “lobster star status” at this year’s Lobster Fest, offering 10 dishes and a “build-your-own” option related to “GLOAT.”
Red Lobster also invited former professional basketball player Blake Griffin to promote the return of Lobster Fest, featuring a platter composed of Griffin’s favorite menu items.
The Griffin-style lobster platter includes dishes such as Rock Lobster Tail, Garlic Butter-Poached Maine Lobster, and Lobster Mac and Cheese, which customers can order for a limited time.
Lobster Fest began on February 11 and will continue until Sunday, April 20 this year.
This year’s line-up for Lobster Fest includes 10 dishes and a new “build-your-own” option, where customers can choose up to three lobster entrees to create the perfect Lobster Fest feast.
New lobster dishes related to the seasonal menu include Lobster & Shrimp Linguini, Garlic Butter-Poached Maine Lobster, Lobster Mac and Cheese, and Lobster Rolls. Fried corn balls, Popcorn Shrimp, and unlimited Cheddar Bay Biscuits are some favorites returning to satisfy fans.
“Most importantly, guests can enjoy handcrafted cocktails, making every sip a memorable experience,” said Red Lobster.
Established in 1968, Red Lobster is the largest seafood chain in North America. Since 2019, Red Lobster has seen a 30% decrease in customer traffic.
In the 2023 fiscal year, Red Lobster reported a net loss of $76 million, partly attributed to its $20 “endless shrimp” promotion. In an effort to boost sales in the second half of the year, Red Lobster extended this offer from one day a week to daily. While this promotion stimulated customer traffic, it ultimately couldn’t withstand customers’ hearty appetites, further weakening Red Lobster’s profitability due to high costs.
By early summer 2024, Red Lobster had closed over a hundred of its restaurants. The chain currently has approximately 500 stores in North America, significantly down from 650 the previous year.
Fortress has pledged over $60 million to “revitalize” Red Lobster, a “iconic brand.” They believe they can turn the tide by cutting costs, closing stores, and improving efficiency.
In early September 2024, following the approval of Red Lobster’s restructuring to avoid bankruptcy, Fortress appointed Damola Adamolekun, former CEO of the Chinese chain restaurant “Huaguan,” as the new CEO of Red Lobster.
CNN previously reported that Adamolekun’s business plan did not call for extensive reform but rather “incremental change.” He stated that Red Lobster would not be closing restaurants but would focus on improving table service, streamlining the menu to simplify kitchen operations, and enhancing the restaurant ambiance.
Red Lobster must retain its baby boomer generation loyal customer base, known as “premium traditionalists,” while also attracting a new generation of diners.