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Red Lobster could file for Chapter 11 bankruptcy protection next week, per The Wall Street Journal. Red Lobster blamed some of its financial struggles on an all-you-can-eat shrimp promotion. AdvertisementRestaurant chain Red Lobster could file for bankruptcy protection as early as next week, The Wall Street Journal reported on Tuesday. Bloomberg previously reported in April that the restaurant company was considering filing for Chapter 11 bankruptcy protection . States that will see Red Lobster closures include California, Colorado, Florida, New York, and Texas.
Persons: , TAGeX Brands Organizations: Street, Service, Bloomberg, TAGeX, Business Locations: Orlando, California , Colorado , Florida , New York, Texas
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
If you ever wanted to buy a lobster tank and an industrial freezer, now is the time. Equipment from more than 50 Red Lobster restaurants across the United States was up for auction on Tuesday, a liquidator said, as the embattled seafood chain’s website listed dozens of locations as being temporarily closed. Whoever who wins the bid for a particular restaurant will receive everything inside it (not including perishable goods and alcohol, the auction site noted). Red Lobster did not respond to inquiries Tuesday morning. Red Lobster, based in Orlando, Fla., opened its first location in 1968 and now has restaurants across the United States, plus others in Asia and Latin America.
Organizations: TAGeX Brands Locations: United States, Redding, Calif, Orlando, Fla, Asia, Latin America, Bar, Maine
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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