Economy Red Lobster closing more than 50 restaurants auctioning off furniture and equipment as it prepares to file for bankruptcy

[White Whale]

Red Lobster is closing nearly 50 restaurants. Here's where they're located.

The struggling restaurant chain is moving to cut costs by shuttering restaurants in 21 states.

www.cbsnews.com

Red Lobster is closing at more than 50 of its restaurants across the country, according to a company that helps businesses liquidate restaurant equipment.

Neal Sherman, CEO of TAGeX Brands, promoted a "Winner Takes All" liquidation sale of "fixtures, furniture and equipment" in a video posted Monday on LinkedIn that included a link for those who wished to bid.

Red Lobster has consistently lost money for years. In an attempt to boost traffic at its restaurants, the company last year expanded its all-you-can-eat shrimp deal. Customers' appetites, however, ate into profits as demand overwhelmed what the chain could afford, resulting in financial losses.

https://www.wfla.com/news/florida/red-lobster-auctioning-off-furniture-equipment-at-closing-restaurants/

Red Lobster auctioning off furniture, equipment at closing restaurants

Red Lobster is reportedly shuttering at least 48 of its locations, and a restaurant liquidation company is auctioning off kitchen equipment from the impacted eateries this week.

TAGeX Brands announced on Monday that it’s conducting the online auction through Thursday, May 16, for select Red Lobster restaurants closing in multiple states. Most notably, California and Florida are losing five locations each, while Maryland and Colorado are losing four.

Nextstar's KETK also reported that three Red Lobster restaurants in Texas abruptly shut down this week, listing their hours as “closed.” None of those locations could be reached via phone.

As for the auction, several items are up for grabs – from high-performance ovens to upright refrigerators and dining room furniture. TAGeX Brands called it “the largest restaurant equipment auction ever” on its website. It’s important to note that the items aren’t being sold individually. Each location will have one winning bidder who will take all contents from the restaurant.

“These auctions are WINNER TAKES ALL – meaning, each winner will receive the ENTIRE contents of the Red Lobster location they bid on,” TAGeX Brands noted.



Red Lobster is closing a lot of stores and selling kitchen equipment. Many people that worked at the closing restaurants were unprepared and shocked when they lost their jobs.

This is bad news for the economy because Red Lobster is a big restaurant chain.

 

[Poon Goon]

This is bad news for the economy because Red Lobster is a big restaurant chain.

 

[king hippo]

 

[Flower2dPeople]

I want to rebuild a red lobster inside @Clippy 's basement. Bidding war ensues.

 

[Siver!]

Red Lobster is closing nearly 50 restaurants. Here's where they're located.

The struggling restaurant chain is moving to cut costs by shuttering restaurants in 21 states.

www.cbsnews.com

Red Lobster is closing at more than 50 of its restaurants across the country, according to a company that helps businesses liquidate restaurant equipment.

Neal Sherman, CEO of TAGeX Brands, promoted a "Winner Takes All" liquidation sale of "fixtures, furniture and equipment" in a video posted Monday on LinkedIn that included a link for those who wished to bid.

Red Lobster has consistently lost money for years. In an attempt to boost traffic at its restaurants, the company last year expanded its all-you-can-eat shrimp deal. Customers' appetites, however, ate into profits as demand overwhelmed what the chain could afford, resulting in financial losses.

https://www.wfla.com/news/florida/red-lobster-auctioning-off-furniture-equipment-at-closing-restaurants/

Red Lobster auctioning off furniture, equipment at closing restaurants

Red Lobster is reportedly shuttering at least 48 of its locations, and a restaurant liquidation company is auctioning off kitchen equipment from the impacted eateries this week.

TAGeX Brands announced on Monday that it’s conducting the online auction through Thursday, May 16, for select Red Lobster restaurants closing in multiple states. Most notably, California and Florida are losing five locations each, while Maryland and Colorado are losing four.

Nextstar's KETK also reported that three Red Lobster restaurants in Texas abruptly shut down this week, listing their hours as “closed.” None of those locations could be reached via phone.

As for the auction, several items are up for grabs – from high-performance ovens to upright refrigerators and dining room furniture. TAGeX Brands called it “the largest restaurant equipment auction ever” on its website. It’s important to note that the items aren’t being sold individually. Each location will have one winning bidder who will take all contents from the restaurant.

“These auctions are WINNER TAKES ALL – meaning, each winner will receive the ENTIRE contents of the Red Lobster location they bid on,” TAGeX Brands noted.



Red Lobster is closing a lot of stores and selling kitchen equipment. Many people that worked at the closing restaurants were unprepared and shocked when they lost their jobs.

This is bad news for the economy because Red Lobster is a big restaurant chain.

Always very sad when a chain closes its doors.

Still, when you're losing money for years, you're never gonna last.

PS, all you can eat shrimp is something I only ever heard of in the Simpsons lol

 

[White Whale]

This is sad. If Red Lobster can't handle the economy than small businesses have little to no chance.

 

[jrams]

I thought the shrimp were endless. I guess that was a fucking lie.

 

[HereticBD]

It was over once they allowed you to buy their crab cakes at Walmart. That was the hook to get you to stay and eat the rest of their mediocre shit.

 

[fedorthegoat777]

Those biscuits were good.

I thought they were owned by Darden, who also owned Olive Garden.

 

[king hippo]

covid policies destroyed the economy, ruined small businesses, bars, and restaurants, and less people are eating out. even fast food is becoming out of reach for some.

 

[TrueBias]

The one here closed. Sucks, inlove red lobster. Hard to go there alone because it's out of my way.

 

[Copper Burner]

Joe Bidens America

 

[Otto!]

Overrated chain, but it’s a sad thing to know that so many people will lose their job.

 

[HereticBD]

The one here closed. Sucks, inlove red lobster. Hard to go there alone because it's out of my way.

One here barely lasted six months. Other than economical reasons brought on by COVID, I'd imagine as cities get denser with more options, the "restaurant" chains(not your fast food chains), are gonna find it harder and harder to compete. Those prices they charge to maintain an empire, start to seem outrageous when "Billy Bob's Lobster and Shrimp" is offering the same shit down the road at half the price.

 

[NickNick]

Not surprised the one in my area isn't on that list, the parking lot at that place always seems to be 3/4 of the way full. I can't remember the last time I ate at one but Bonefish Grill shits all over Red Lobster.

 

[ShadowRun]

Joe Bidens America

Bidenomics

 

[Copper Burner]

Bidenomics

 

[Two Crows]

Those biscuits were good.

I thought they were owned by Darden, who also owned Olive Garden.

They sold the chain about a decade ago.

 

[Thepaintbucket]

There's a Red lobster near my house and I've never been in one. I've passed by this place at least 10,000 times

 

[StonedLemur]

Red Lobster is closing nearly 50 restaurants. Here's where they're located.

The struggling restaurant chain is moving to cut costs by shuttering restaurants in 21 states.

www.cbsnews.com

Red Lobster is closing at more than 50 of its restaurants across the country, according to a company that helps businesses liquidate restaurant equipment.

Neal Sherman, CEO of TAGeX Brands, promoted a "Winner Takes All" liquidation sale of "fixtures, furniture and equipment" in a video posted Monday on LinkedIn that included a link for those who wished to bid.

Red Lobster has consistently lost money for years. In an attempt to boost traffic at its restaurants, the company last year expanded its all-you-can-eat shrimp deal. Customers' appetites, however, ate into profits as demand overwhelmed what the chain could afford, resulting in financial losses.

https://www.wfla.com/news/florida/red-lobster-auctioning-off-furniture-equipment-at-closing-restaurants/

Red Lobster auctioning off furniture, equipment at closing restaurants

Red Lobster is reportedly shuttering at least 48 of its locations, and a restaurant liquidation company is auctioning off kitchen equipment from the impacted eateries this week.

TAGeX Brands announced on Monday that it’s conducting the online auction through Thursday, May 16, for select Red Lobster restaurants closing in multiple states. Most notably, California and Florida are losing five locations each, while Maryland and Colorado are losing four.

Nextstar's KETK also reported that three Red Lobster restaurants in Texas abruptly shut down this week, listing their hours as “closed.” None of those locations could be reached via phone.

As for the auction, several items are up for grabs – from high-performance ovens to upright refrigerators and dining room furniture. TAGeX Brands called it “the largest restaurant equipment auction ever” on its website. It’s important to note that the items aren’t being sold individually. Each location will have one winning bidder who will take all contents from the restaurant.

“These auctions are WINNER TAKES ALL – meaning, each winner will receive the ENTIRE contents of the Red Lobster location they bid on,” TAGeX Brands noted.



Red Lobster is closing a lot of stores and selling kitchen equipment. Many people that worked at the closing restaurants were unprepared and shocked when they lost their jobs.

This is bad news for the economy because Red Lobster is a big restaurant chain.

That place is a shit hole anyway.