Once beloved for its cheddar biscuits and famous Endless Shrimp deal, Red Lobster is making a bold comeback after filing for bankruptcy, racking up nearly $300 million in debt, and closing dozens of locations. 

At the end of 2023, its Endless Shrimp deal led to an $11 million quarterly loss, pushing the chain into severe debt.

Now, just one year after emerging from bankruptcy, Red Lobster is again betting on shrimp to win back customers, but this time in a more financially responsible way. 

Red Lobster has unveiled the new Ultimate Spendless Shrimp, a limited-time promotion featuring three popular shrimp dishes for around $15.99, depending on the location. 

Unlike the Endless Shrimp deal, this version is not endless, but it does offer customers value on seafood without sacrificing profits.

Ultimate Spendless Shrimp

• Garlic Shrimp Scampi
• Shrimp linguini Alfredo
• Popcorn Shrimp

“We’re starting a new chapter here at Red Lobster, one that’s smarter, more sustainable and still packed with the unbeatable value and delicious flavors our guests have come to expect,” said Red Lobster CEO Damola Adamolekun in a press release.

“Ultimate SpendLESS Shrimp is a celebration, and I’m looking forward to our diners enjoying great shrimp dishes this season for a great price. It may not be endless, but you’ll definitely spend less,” he added.

Red Lobster unveils the new Spendless Shrimp deal.

Image Source: Red Lobster

Red Lobster expands its menu to win back customers

Along with the shrimp revival, Red Lobster is revamping its menu with new items and promotions that better adapt to consumers’ needs and evolving trends.  

The seafood chain is diving into the beverage trend by introducing a new limited-time lineup of fall-inspired cocktails.

Red Lobster fall-inspired cocktails

• Caramel Dream: Absolut Vodka, butterscotch, caramel, and cream, garnished with a sea salt chocolate caramel
• Apple Harvest Punch: Captain Morgan Spiced Rum, cranberry, lemon, and apple juices, topped with an apple slice and cinnamon stick
• Gold Rush: Maker’s Mark Bourbon, honey, and sparkling gold shimmer, garnished with fresh mint

And that’s not all. After introducing its Seafood Boils this summer, Red Lobster is making them a permanent menu addition.

The Seafood Boils can be ordered as an entrée or a family meal. Customers can choose from the two options below and top them with Roasted Garlic Butter, Cajun Butter, or Old Bay seasoning.

Red Lobster Seafood Boils:

• Mariner’s Boil: Maine lobster tail, a dozen shrimp, snow crab legs, corn, and red potatoes
• Sailor’s Boil: Shrimp, smoked sausage, corn, and red potatoes

Red Lobster develops a new strategy after bankruptcy

After filing for Chapter 11 in May 2024, Red Lobster exited bankruptcy in September under the new ownership of the investment group RL Investor Holdings LLC and received court approval for its restructuring plan.

Since then, the seafood chain has made multiple changes to return to growth and better compete amid an unpredictable economy. These include stabilizing operations, reducing costs, and winning back customers with new menu launches. 

A significant part of that effort includes leadership changes. In August 2024, Red Lobster named 36-year-old Damola Adamolekun as CEO, following a string of short-lived CEOs who lasted less than a year. 

Related: Formerly bankrupt chain restaurant makes major change to win back fans