[Washington Examiner] Seafood restaurant chain Red Lobster has raised the price of its endless shrimp offer due to acquiring an $11 million operating loss.
The loss that Red Lobster underwent in its third quarter was due in part to its iconic endless shrimp offer, which only cost $20. The price has been raised to $25 to help minimize losses, according to a report.
"The proportion of the people selecting this promotion was much higher compared to expectation," said Ludovic Garnier, chief financial officer of Thai Union Group, Red Lobster's parent company.
The $20 endless shrimp offer was intended to win over new customers, and while the strategy worked, it was not as effective as the chain had hoped. |