Red Lobster Shutters 50+ Stores As Bankruptcy Looms

NBC News reports:

More than 50 locations of Red Lobster are being auctioned off amid questions about the stalwart seafood chain’s long-term future.

In a post Monday on LinkedIn, Neal Sherman, founder and CEO of TAGeX Brands, a liquidation firm, announced he was leading the closure of more than 50 Red Lobster locations, with the restaurants’ equipment to be auctioned off.

A web page dedicated to the liquidations showed closure locations across the U.S. including in Denver, Indianapolis, Rochester, New York; Sacramento, San Antonio, and San Diego. Last month, CNBC reported Red Lobster was seeking a buyer as it looked to avoid a bankruptcy filing, but none had yet materialized at the time.

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Red Lobster, which has been losing money for years, was auctioning off restaurant equipment from more than 50 locations across the U.S., a liquidator said. https://t.co/NwiVRRXHox

— The New York Times (@nytimes) May 14, 2024