Red Lobster shuts down 50+ restaurants amidst survival challenges
Red Lobster is closing down more than 50 restaurants, including locations in major U.S. cities. The closures were announced by TAGeX Brands, which is auctioning off these locations. To read more about the closures and auction details, click the “Read more…” button. Your revised text is concise and effectively conveys the key information about Red Lobster’s restaurant closures and the involvement of TAGeX Brands in the auctions. It encourages readers to click the “Read more…” button for additional details.
Red Lobster is shuttering over 50 restaurants, some of which are based in major cities in the United States.
These closures were revealed by TAGeX Brands, which is auctioning off the locations and providing the winners of each bid with the location and all of the contents inside the building. The bidding for these locations started on Monday and will conclude periodically this Thursday.
The various restaurant locations up for auction were listed on the bidding website, including Orlando, Florida; Sacramento and San Diego, California; Denver, Colorado; Rochester, New York; and Myrtle Beach, South Carolina.
As of Tuesday morning, Red Lobster stated it has 700 locations on its website.
The seafood chain has been financially struggling lately, with the endless shrimp offer contributing to an $11 million operating loss in the third quarter.
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A report from last month stated that Red Lobster has considered filing for bankruptcy amid its financial troubles. It was also reported that the chain has weighed a buyout, with at least one firm expressing interest. However, nothing materialized from this.
The Washington Examiner contacted Red Lobster for comment.
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