Seafood restaurant chain Red Lobster has closed nearly 50 locations across the United States, as announced by a liquidation company. TAGeX Brands CEO and Founder Neal Sherman shared on LinkedIn that his company would be hosting a large online auction for the closure. The TAGeX Brands website listed 48 Red Lobster locations that had been shut down.
These closures include restaurants in Jacksonville, Florida, Watertown, New York, and Bloomingdale and Danville, Illinois. Red Lobster, with over 700 locations nationwide, had to close some locations due to financial difficulties, including a $11 million loss in 2023 after a promotion for all-you-can-eat shrimp.
In 2020, ThaiUnion, a Thai company focused on seafood products, bought a stake in Red Lobster. However, they announced in January 2024 their intention to exit the investment, leading to a substantial loss of $530 million.
