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 Sacramento, Buffalo, Orlando, Jacksonville and other cities were listed as “temporarily closed” on Red Lobster’s website, according to local news reports. Since then, Red Lobster has cycled through four CEOs and an all-you-can-eat shrimp deal last year that slowed down table service and cut into Thai Union’s profitability. Thai Union said earlier this year it would divest from Red Lobster and take a $530 million loss on its investment.

Source: CNN May 14, 2024 17:24 UTC