The 35-year-old Red Lobster CEO Damola Adamolekun admits the $20 endless shrimp campaign was the main cause of the seafood chain's Chapter 11 bankruptcy.

Red Lobster filed for bankruptcy back in May of this year and in August they announced the appointment of Damola Adamolekun as the company's new CEO. At

Red Lobster’s new CEO recalled the ‘chaos’ created by the $20 endless shrimp promotion that propelled the company toward bankruptcy.

Damola Adamolekun says the company’s endless shrimp offering hurt “one of the most important companies in American history.”

Damola Adamolekun told the Wall Street Journal that while the promotion put the seafood chain over the edge, a history of underinvestment

Now Damola Adamolekun, the company’s new CEO, is shedding light on what led to the crisis and the decision to drop the promotion. “There were certainly big mistakes made over the last few years,” Adamolekun said in an interview with CNN, adding the shrimp promotion was “a very expensive product to give away endlessly.”

Red Lobster’s new CEO, Damola Adamolekun, boldly declared the “Endless Shrimp” promotion a failure, citing its significant strain on the restaurant’s operations.

During a recent interview with Damola Adamolekun, the new CEO of the restaurant chain Red Lobster, he revealed that the $20 endless shrimp deal created “a lot of chaos” and stress for employees.