Red Lobster is closing more than 50 of its restaurants across the US, including several restaurants in the Carolinas, according to restaurant equipment liquidation company TAGeX Brands.
Neal Sherman, CEO of TAGeX Brands, announced in a LinkedIn video a “Winner Takes All” liquidation sale of the closed locations’ fixtures, furniture, and equipment on LinkedIn.
Despite efforts to boost traffic, such as expanding its all-you-can-eat shrimp deal last year, Red Lobster has struggled financially. Rumors of bankruptcy arose this spring with the appointment of restructuring expert Jonathan Tibus as CEO. Thai Union, which has owned a stake in Red Lobster since 2016, announced plans in January to sell its minority stake, citing financial challenges exacerbated by the pandemic and rising costs.
As of Tuesday morning, auctions for 48 locations were still active after four sales closed on Monday. Red Lobster, founded in 1968 in Lakeland, Florida, currently operates over 700 locations worldwide.
