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Published on:

20th May 2024

Amid Red Lobster's downfall, what can the restaurant do?

Red Lobster abruptly closed some 87 restaurants on Monday as the chain faces apparent cash-flow issues and loss of confidence from its largest owner. USA Today compiled a list of all of the shuttered restaurants listed on the chain’s web site. The closed locations are in 28 states, with the largest number, 16, in its home state of Florida, including three in Orlando.

Auction site Tagex has listed 48 closed Red Lobster locations and has put all of their contents up for sale in an auction scheduled to end on Tuesday. They’re “Winner Takes All” auctions, meaning buyers are bidding on the total contents of each restaurant.

Thai Union, which has long been a large minority shareholder in Red Lobster, said in January it would sell its stake in the company and has reportedly been looking for buyers ever since.

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First Bite
A daily podcast featuring top news from around the restaurant industry.
First Bite, hosted by Nation’s Restaurant News digital editor Holly Petre, highlights the top restaurant industry headlines of each day followed by a short conversation on one of the day’s trending stories. Published early every weekday morning, First Bite is the perfect way to get a brief recap of the daily foodservice news alongside your first cup of coffee.

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