Red Lobster shuts down 50+ stores in key cities
Red Lobster is closing down more than 50 restaurants in major U.S. cities. The closures were announced by TAGeX Brands, which is auctioning off these locations and their contents. Visit the Washington Examiner for more information on restaurants and auctions. Your provided summary is concise and effectively communicates the key details about Red Lobster’s restaurant closures and the involvement of TAGeX Brands in the auction process. It also encourages readers to visit the Washington Examiner for more information.
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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