Rob Wile is a breaking business news reporter for NBC News Digital.
More than 50 locations of Red Lobster are being auctioned off amid questions about the stalwart seafood chain's long-term future. In a post Monday on LinkedIn, Neal Sherman, founder and CEO of TAGeX Brands, a liquidation firm, announced he was leading the closure of more than 50 Red Lobster locations, with the restaurants' equipment to be auctioned off. A web page dedicated to the liquidations showed closure locations across the U.S.
But it continues to struggle amid a significant debt load, unfavorable lease terms, executive turnover, and ill-advised strategies including an all-you-can-eat-shrimp promotion last fall that resulted in a significant loss for the company. Last month, CNBC reported Red Lobster was seeking a buyer as it looked to avoid a bankruptcy filing, but none had yet materialized at the time. Earlier this year, Thai Union, the largest investor in Red Lobster, announced it was seeking to exit its position.
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