Store closures span more than 20 states.
Red Lobster has filed for Chapter 11 bankruptcy protection days after shuttering dozens of restaurants.
Demand for one such recent promotion overwhelmed restaurants, reportedly contributing to millions in losses. Restaurant liquidator TAGeX Brands announced last week that it would be auctioning off the equipment of over 50 Red Lobster locations that were recently closed. The store closures span across more than 20 states — reducing Red Lobster’s presence in cities like Denver, San Antonio, Indianapolis and Sacramento, California.
Thai Union first invested in Red Lobster in 2016 and upped its stake in 2020. At the time of the January announcement on its plans to divest, CEO Thiraphong Chansiri said the COVID-19 pandemic, industry headwinds and rising operating costs had hit the dining chain hard and caused “prolonged negative financial contributions to Thai Union and its shareholders.”
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Red Lobster's Deafening Silence Over Store ClosuresRed Lobster has yet to issue a statement after at least 48 restaurants abruptly closed on Monday.
Read more »
Power Rangers’ Most Shocking Hero Death Confirmed The Franchise’s Greatest Red RangerIn Space Red Ranger, Lost Galaxy Red Ranger, and Mighty Morphin Red Ranger
Read more »
Power Rangers’ New Red Ranger Reignites A 28-Year-Old Debate The Show Never SettledThe Zeo Red, Cosmic Fury Red, and Mighty Morphin Red Rangers in Power Rangers
Read more »
Red Lobster files for bankruptcy days after closing nearly 50 restaurantsRed Lobster has filed for Chapter 11 bankruptcy protection days after shuttering nearly 50 restaurants across more than 20 states, including Illinois.
Read more »
Red Lobster files for bankruptcy after dozens of restaurant closuresRed Lobster has filed for Chapter 11 bankruptcy protection amid rising costs and an all-you-can-eat shrimp deal that backfired.
Read more »
Red Lobster files for bankruptcySeafood chain Red Lobster has been weighed down by significant debt and long-term leases.
Read more »