Red Lobster's CEO joined 3 months after the bankruptcy. He says morale was 'very low' and people were 'beat down.' [Yahoo! Finance]
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Source: Yahoo! Finance
"People are beat down." Adamolekun's turnaround effort includes improvements to food, hospitality, and ambience. Red Lobster's new CEO, Damola Adamolekun, came with a plan to turn the company around. First, however, he'd have to lift spirits. By May 2024, the lobster chain had gone bad. Its private equity owners had saddled the company with expensive leases , labor costs were rising, and promotions like " Endless Shrimp " were bleeding money. The company shuttered dozens of locations and filed for Chapter 11 bankruptcy Then came the acquisition by a buyer group led by Fortress Investment Group, followed by the installation of Adamolekun as CEO. On Fortune's "Next to Lead" podcast, the new leader said his first days were tough. "It's a company that's been through a lot," he said. "Morale is very low. People are beat down." Adamolekun said that it was important to come in with a "message of hope" and "possibility." In his first town hall, he said that Red Lobster would execu
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