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Red Lobster is closing over 50 US locations, a restaurant liquidator confirmed. TAGeX Brands will auction off furniture and kitchen items from the closing locations. Bloomberg previously reported that the seafood restaurant chain is considering a bankruptcy filing. AdvertisementRed Lobster, the seafood restaurant chain considering a bankruptcy filing, is shutting down over 50 locations across the US. This story is available exclusively to Business Insider subscribers.
Persons: , Neal Sherman Organizations: TAGeX, Bloomberg, Service, Business, TAGeX Brands
A sign is posted on the exterior of a Red Lobster restaurant on April 17, 2024 in Rohnert Park, California. At least 99 locations of Red Lobster are being auctioned off amid questions about the stalwart seafood chain's long-term future. Last month, CNBC reported Red Lobster was seeking a buyer as it looked to avoid a bankruptcy filing, but none have materialized. Earlier this year, Thai Union, the largest investor in Red Lobster, announced it was seeking to exit its position. Red Lobster did not immediately respond to a request for comment.
Persons: Neal Sherman Organizations: TAGeX Brands, Business, CNBC, Thai Union Locations: Rohnert Park , California, Denver, Indianapolis, Rochester , New York, Sacramento , California, San Antonio, San Diego, U.S, Thai Union, Thai
New York CNN —Struggling Red Lobster is abruptly closing at least 48 of its restaurants around the country, according to a leading restaurant liquidator. TAGeX Brands is conducting an online auction of Red Lobster kitchen equipment, furniture and other contents at restaurants closing. Red Lobster locations in Buffalo, Orlando, Jacksonville and other cities were listed as “temporarily closed” on Red Lobster’s website, according to local news reports. In 2020, Thai Union, a longtime supplier to Red Lobster, took an undisclosed financial stake in the chain, becoming a key shareholder. Thai Union said earlier this year it would divest from Red Lobster and take a $530 million loss on its investment.
Persons: Neal Sherman, Organizations: New, New York CNN —, TAGeX Brands, Thai Union Locations: New York, Buffalo, Orlando, Jacksonville, Thai Union
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