June 22, 2024

Red Lobster Closes Almost 50 Locations Around U.S.

Seafood restaurant chain Red Lobster has closed practically 50 areas across the United States, in response to a liquidation firm.

CEO and Founder of TAGeX Brands, Neal Sherman introduced in a post on LinkedIn that his firm can be internet hosting “the largest restaurant liquidation” by way of an internet public sale. The website for TAGeX Brands confirmed that 48 Red Lobster areas all through the U.S. had been closed.

Red Lobster areas in locations equivalent to Jacksonville, Florida, Watertown, New York, and Bloomingdale and Danville, Illinois, had been among the many eating places that had been closed. The seafood chain has greater than 700 areas all through the U.S., in response to its website.

(*50*)

“The Furniture, Fixtures, and Equipment from select Red Lobster locations MUST GO ASAP!” Sherman wrote in his publish. “We’re handling this closure differently than we have in the past with each auction having a SINGLE winner for the listed items from the location they bid on — WINNER TAKES ALL.”

This announcement comes after the seafood restaurant chain has reportedly been contemplating submitting for bankruptcy after their all-you-can-eat shrimp promotion led to the corporate shedding $11 million in 2023.

“For those who have been in the US recently, $20 was very cheap,” Red Lobster CFO Ludovic Garnier mentioned in a press release in November. “And the rationale for this promotion was to say we knew the price was cheap, but the idea was to bring more traffic in the restaurants.”

In 2020, ThaiUnion, a Thailand-based company that produces seafood merchandise, bought a stake in Red Lobster. ThaiUnion revealed in January 2024 that it could be exiting from its funding in Red Lobster and can be taking a roughly $530 million loss on account of its funding within the firm.

Breitbart News reached out to Red Lobster for a press release however didn’t obtain a response by the point of publication.

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