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Business

Red Lobster loses $11M in latest quarter on all-you-can-eat shrimp deal

By
Ariel Zilber
Published Nov. 28, 2023, 4:27 p.m. ET

Red Lobster said that its “Ultimate Endless Shrimp” deal which allows customers to pay $20 for all-you-can-eat shrimp is partly to blame for its $11 million loss in the third quarter.

The seafood chain is raising the price of the deal to $25, according to parent company Thai Union Group, which reported that the restaurant was on the verge of reporting losses of $20 million for 2023.

“We wanted to boost our traffic, and it didn’t work,” Thai Union Group CFO Ludovic Regis Henri Garnier told Restaurant Business Magazine.

“We want to keep it on the menu. And of course we need to be much more careful regarding what are the entry points and what is the price point we are offering for this promotion.”

Patrons can choose between two shrimp selections when plunking down money for the “Ultimate Endless Shrimp” deal.

The Red Lobster menu includes a selection of Garlic Shrimp Scampi, Coconut Shrimp, Shrimp Linguini Alfredo, Walt’s Favorite Shrimp, and Garlic Grilled Shrimp Skewer.

Red Lobster said that its "Ultimate Endless Shrimp" deal which allows customers to pay $20 for all-you-can-eat shrimp is partly to blame for its $11 million loss in the third quarter.
Red Lobster said that its “Ultimate Endless Shrimp” deal which allows customers to pay $20 for all-you-can-eat shrimp is partly to blame for its $11 million loss in the third quarter. Christopher Sadowski

Each meal comes with a side and warm Cheddar Bay Biscuits.

Red Lobster traditionally has made the deal available on a limited time offer. But in June it added it to the daily menu in hopes of boosting traffic.

Garner said there are no plans to take the deal off the menu entirely.

“We want to keep it on the menu,” he said.

Patrons can choose between two shrimp selections when plunking down money for the "Ultimate Endless Shrimp" deal.
Patrons can choose between two shrimp selections when plunking down money for the “Ultimate Endless Shrimp” deal. TikTok/@hayestack

“And of course we need to be much more careful regarding what are the entry points and what is the price point we are offering for this promotion.”

Red Lobster, which has 670 locations throughout the country, has been struggling to turn a profit as inflation and increasing labor costs have sent food prices soaring.

Thailand-based seafood producer Thai Union led a group of investors that acquired Red Lobster from Golden Gate Capital in 2020. Thai Union’s US brands include Chicken of the Sea.