Tax cuts will boost restaurants, US economy: Red Lobster CEO

As business anticipate a boost from the Republican tax reform plan, Red Lobster is setting themselves up for future growth and expects to employ new hires as a result of the bill.

“Tax cuts, that’s clearly going to be stimulatory for the economy. We think that’s going to be great for the restaurant business,” Red Lobster CEO Kim Lopdrup said during an interview on FOX Business’ “Mornings with Maria.”

Red Lobster, the world’s largest seafood chain, currently employs 55,000 people throughout its 749 locations and prides itself in having more long-serving workers than typical in the restaurant business.

“We work very hard to be an employer of choice which is to pay well, treat our people well to provide growth opportunities, and we’ve been blessed to have much lower turnover than is normal for the industry,” Lopdrup said.

Amazon (NASDAQ:AMZN) has changed the landscape in how the restaurant industry is doing business with consumers relying more on delivery apps to order their meals from their mobile phones.

“We actually are testing delivery through actually several third-party companies including Amazon and have that currently in 5% of the system. We are testing which ones are best. But we are likely to expand with at least some of those services, ” Lopdrup said.