The largest restaurant liquidation ever, Red Lobster, a chain of seafood restaurants, has abruptly closed hundreds of its locations nationwide and is selling them off.
Restaurant liquidator TAGeX Brands is currently holding individual auctions for at least 48 Red Lobster locations, featuring furniture, fixtures, and equipment. On its website, TAGeX stated that the auctions will conclude on Thursday and that “each winner will receive the ENTIRE contents of the Red Lobster location they bid on.”
TAGeX CEO Neal Sherman posted on LinkedIn on Monday, saying, “TAGeX Brands is proud to launch the largest restaurant liquidation EVER through its online auction marketplace.” “THE WINNER TAKES ALL.”
The auction website listed only 48 locations spread across 21 states, but claimed to be auctioning off “50+” locations. As of February 1, Red Lobster had roughly 650 locations across the United States.
An inquiry for comments was not immediately answered by Red Lobster.
Citing high labor and lease costs, Bloomberg News revealed in April that Red Lobster had hired advisors and was thinking about declaring bankruptcy.
In a March financial statement, Thai Union Group TU, +0.66%, the company’s controlling shareholder, stated that it was “actively engaged in negotiations with potential buyers” and that it intended to sell its interest in the restaurant chain by the end of 2024.
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