Red Lobster is abruptly closing dozens of restaurants
CNN
Struggling Red Lobster is abruptly closing at least 48 of its restaurants around the country, according to a leading restaurant liquidator.
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 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 did not respond to CNN’s requests for comment. The company has around 650 locations. 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. The mass closures are another sign of problems at Red Lobster and one of the only times in its more than 50-year history the chain has closed dozens of stores at once.
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