In case you missed it, Red Lobster is closing 48 of its restaurants and is reportedly seeking to file bankruptcy
· May 15, 2024 · NottheBee.com

It is a sad day for biscuit lovers, as Red Lobster is closing 48 locations and is rumored to be considering bankruptcy.

 

 

Man, I remember when my buddy worked at the Red Lob in college. Dude would bring home piles of those biscuits and I'll never forget that. You can buy them at the grocery store, by the way, but it's not the same.

Anyhow, yeah, it looks like we're about to lose nearly 50 Red Lobster locations. And judging by the moves they're making it looks like bankruptcy could be the next step.

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 restaurant inventory, including kitchen equipment, furniture, tables and chairs. The auction begins Monday and continues through Thursday, according to company founder Neal Sherman.

Red Lobster locations in Buffalo, Orlando, Jacksonville and other cities were listed as "temporarily closed" on Red Lobster's website, according to local news reports …

Red Lobster is reportedly considering filing for bankruptcy protection. The chain has tapped a restructuring expert as its chief executive, a possible indicator of an impending bankruptcy.

Such a sad day. Red Lobster was a middle-class staple, and I hope we don't see it go so soon.

Come to find out, that endless shrimp deal might not have been the best idea after all. Also, bad management never helps.

But the chain has declined in recent years due to a range of factors, including corporate mismanagement, say former leaders and restaurant analysts.

In 2020, Thai Union, a longtime supplier to Red Lobster, took an undisclosed financial stake in the chain, becoming a key shareholder.

Under Thai Union's direction, 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.

The promotion has been a tradition at the chain for more than 18 years, but Red Lobster made endless shrimp a permanent fixture on the menu.

Red Lobster, please,

DON'T LEAVE US NOW!!!


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