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Red Lobster Abruptly Closes 48 Restaurants; Mulls Bankruptcy

Red Lobster Abruptly Closes 48 Restaurants; Mulls Bankruptcy

Seafood restaurant chain Red Lobster has closed nearly 50 locations around the United States, according to a liquidation company.

CEO and Founder of TAGeX Brands, Neal Sherman announced in a post on LinkedIn that his company would be hosting “the largest restaurant liquidation” through an online auction. The website for TAGeX Brands showed that 48 Red Lobster locations throughout the U.S. had been closed.

Red Lobster locations in places such as Jacksonville, Florida, Watertown, New York, and Bloomingdale and Danville, Illinois, were among the restaurants that were closed. The seafood chain has more than 700 locations throughout the U.S., according to its website.

“The Furniture, Fixtures, and Equipment from select Red Lobster locations MUST GO ASAP!” Sherman wrote in his post. “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 considering filing for bankruptcy after their all-you-can-eat shrimp promotion led to the company losing $11 million in 2023.

“For those who have been in the US recently, $20 was very cheap,” Red Lobster CFO Ludovic Garnier said in a statement 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 products, bought a stake in Red Lobster. ThaiUnion revealed in January 2024 that it would be exiting from its investment in Red Lobster and would be taking a roughly $530 million loss as a result of its investment in the company.

The Hal Turner Radio Show reached out to Red Lobster for a statement but did not receive a response by the time of publication.

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