Red Lobster is abruptly closing dozens of restaurants

Struggling Red Lobster is closing at least 48 of its restaurants around the country. An online auction of Red Lobster’s kitchen equipment and furniture will be conducted by TAGeX Brands. The auction will take place from Monday to Thursday. Red Lobster locations in Buffalo, Orlando, Jacksonville, and other cities were listed as temporarily closed on the restaurant’s website. Red Lobster did not respond to requests for comment. The company is reportedly considering filing for bankruptcy protection and has appointed a restructuring expert as its CEO. Former leaders at the chain and restaurant analysts attribute Red Lobster’s decline to factors including corporate mismanagement. In 2020, Thai Union, a longtime supplier to Red Lobster, became a key shareholder but later announced plans to divest and incur a $530 million loss on its investment.