Red Lobster's New Menu Isn't Working

Red Lobster unveiled a new menu last month to stem declining traffic and sales.

But so far the menu, which now offers more seafood items, has failed to impress customers, according to a new survey.

Since the menu's November launch, Red Lobster's value perception with diners has declined to its lowest level in two years, the survey by YouGov found.

The survey also showed a decline in the number of consumers who would consider eating Red Lobster the next time they dine out, from 36% of respondents a month ago to 27% today.

The new menu was implemented by Red Lobster's new owners, the private equity firm Golden Gate Capital.

Golden Gate acquired the troubled chain earlier this year from Olive Garden parent company Darden Restaurants.

Red Lobster's sales over the last fiscal year declined 6% at locations open at least a year. During the same time period, the seafood chain suffered a 9.3% decline in traffic.

The menu changes added more lobster and seafood dishes, such as a lobster scampi linguine, and got rid of dishes like Wood-Grilled Pork Chop.

Overall, the percentage of seafood items on the menu was increased from 75% to 85%.