Nearly 50 Red Lobster restaurants in 21 states are closing
Luke Sharrett/Bloomberg/Getty
Red lobster
Red Lobster is closing at least 48 locations nationwide – a change that will affect 21 states.
News of the closures was first reported by CNN.
Neal Sherman, CEO of TAGeX Brands, reported in a LinkedIn post that a significant number of Red Lobster locations will be closed. His company will handle the liquidation of restaurant equipment through auctions.
The auctions are the “largest restaurant liquidation ever” the company has conducted, according to Sherman. Items such as furniture, fixtures and appliances will all be auctioned off.
Related: Red Lobster closes nearly 50 locations, liquidates restaurant equipment
The news may come as no surprise to some customers. Red Lobster was considering filing for Chapter 11 bankruptcy in April, sources familiar with the matter told Bloomberg at the time.
Given current lease and labor costs, the restaurant company is struggling to make money and has even consulted law firm King & Spalding to figure out how a restructuring could cut costs, the newspaper reported.
According to the TAGeX Brands website, these are the specific Red Lobster locations that will be closing. Here’s a list to help you find out if your local restaurant is closing soon.
