Fan-favorite restaurant and everyone's go-to establishment for cheddar bay biscuits, Red Lobster — which is reportedly considering filed for bankruptcy — has now "abruptly [closed] at least 48 of its restaurants around the country," according to Nathaniel Meyerosohn with CNN.
Meyerosohn also remarks that this is "one of the only times in [Red Lobster's] more than 50-year history [that] the chain has closed dozens of stores at once."
As Mike Ives writes in The New York Times, "Red Lobster is still an American institution, but it has been losing money for a while," also noting that for "many American families, Red Lobster has long been an aspirational dining choice, and for some, an introduction to seafood."
In 2020, Thai Union became a shareholder for Red Lobster, which also then "cycled through four CEOs and an all-you-can-eat shrimp deal last year that slowed down table service,"as per Meyerosohn. The promotion was a fan favorite tradition, but making it a permanent menu item cut into Thai Union's profitability, leading to reports earlier this year that Thai Union planned to divest from Red Lobster.
Neil Sherman, CEO & Founder of TAGeX Brands, wrote on LinkedIn that his company is "proud to launch the largest restaurant liquidation EVER throughout its one auction marketplace," offering "furniture, fixtures and equipment from select Red Lobster locations" sold via an online auction.
