Red Lobster closes 50+ locations across the country, auctions off ...

4 days ago
Red Lobster

(Gray News) – Red Lobster has closed more than 50 locations across the country and is auctioning off its contents.

TAGeX Brands, which bills itself as a brand that helps businesses deal with closures, remodels, and liquidation of surplus assets, said all auctions are currently live and will end “periodically” on May 16.

“These auctions are winner takes all – meaning, each winner will receive the entire contents of the Red Lobster location they bid on,” TAGeX Brands said.

For a full list of Red Lobster locations offering auctions, click here.

The auctions come after Red Lobster announced it was considering filing for bankruptcy last month.

The restaurant chain has been struggling to keep up with lease and labor costs, according to a report from Bloomberg in April.

But Red Lobster recently faced other financial troubles, too.

In November, a report from CNN said the company lost roughly $11 million during the third quarter of 2023 because of its all-you-can-eat shrimp promotion.

Red Lobster made endless shrimp a permanent menu item in June 2023.

At the time, it only cost $20. In November, the company said it would be raising the price to $25 because more people are taking advantage of the promotion than they expected.

Bloomberg reported that a final decision on filing for bankruptcy hadn’t been made, but that Red Lobster is meeting with lawyers for guidance.

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