Sport Investors League
  • Politics
  • Stocks
  • Investing
  • Business

Sport Investors League

  • Politics
  • Stocks
  • Investing
  • Business
Business

Red Lobster closing at least 99 locations as its future comes into question

by admin May 15, 2024
May 15, 2024
Red Lobster closing at least 99 locations as its future comes into question

At least 99 locations of Red Lobster are being auctioned off amid questions about the stalwart seafood chain’s long-term future.

In a post Monday on LinkedIn, Neal Sherman, founder and CEO of TAGeX Brands, a liquidation firm, announced he was leading the closure of more than 50 Red Lobster locations, with the restaurants’ equipment to be auctioned off.

A web page dedicated to the liquidations showed closure locations across the U.S. including in Denver; Indianapolis; Rochester, New York; Sacramento, California; San Antonio; and San Diego.

On Tuesday, Restaurant Business Magazine reported 99 locations were closing.

The closures represent about 15% of the company’s approximately 700 locations, though it remains the largest seafood restaurant chain in the U.S.

Red Lobster has struggled with a significant debt load, unfavorable lease terms, executive turnover and ill-advised strategies including an all-you-can-eat-shrimp promotion last fall that resulted in a significant loss for the company.

Last month, CNBC reported Red Lobster was seeking a buyer as it looked to avoid a bankruptcy filing, but none have materialized.

Earlier this year, Thai Union, the largest investor in Red Lobster, announced it was seeking to exit its position.

“The combination of Covid-19 pandemic, sustained industry headwinds, higher interest rates and rising material and labor costs have impacted Red Lobster, resulting in prolonged negative financial contributions to Thai Union and its shareholders,” Thiraphong Chansiri, Thai Union Group’s CEO, said in a statement.

“After detailed analysis, we have determined that Red Lobster’s ongoing financial requirements no longer align with our capital allocation priorities and therefore are pursuing an exit of our minority investment.”

Red Lobster did not immediately respond to a request for comment.

This post appeared first on NBC NEWS

0
FacebookTwitterGoogle +Pinterest
previous post
$SPY FLAGS NEW “GO” TREND IN THE FACE OF DEFENSIVE STRENGTH
next post
Amazon Web Services CEO Adam Selipsky to step down

Related Posts

‘He’s like Iron Man’: Jensen Huang lit up...

June 11, 2025

Chuck E. Cheese makes a comeback, with trampolines...

January 13, 2025

Amazon is responsible for dangerous products sold on...

August 1, 2024

ESPN, Fox to bundle upcoming streaming services for...

August 12, 2025

Retiring Corvette ‘godfather’ on EVs, spinoff and a...

August 7, 2024

Crop tour projects record 2025 U.S. corn harvest,...

August 24, 2025

Starbucks union votes to authorize strike ahead of...

December 19, 2024

‘Trump trade’ returns for second week as bitcoin,...

November 13, 2024

Oil prices rise more than 1% as Israel...

June 21, 2025

Dow closes more than 570 points higher to...

June 1, 2024

    Get free access to all of the retirement secrets and income strategies from our experts! or Join The Exclusive Subscription Today And Get the Premium Articles Acess for Free


    By opting in you agree to receive emails from us and our affiliates. Your information is secure and your privacy is protected.

    Recent

    • Republicans dub Fetterman ‘voice of reason’ after he accuses his own party of ‘playing chicken’

      October 30, 2025
    • New children’s book seeks to teach kids Halloween’s real meaning — and it’s not ‘glorifying darkness’

      October 30, 2025
    • Republicans claim Biden administration ‘enemies list’ unearthed from Arctic Frost investigation

      October 30, 2025
    • America’s quietest crop is set to take center stage in Trump–Xi talks

      October 30, 2025
    • ‘Squad’ Dem dishes out campaign cash to anti-Israel nonprofit tied to ‘Terrorist University’

      October 30, 2025

    Categories

    • Business (1,126)
    • Investing (3,369)
    • Politics (4,109)
    • Stocks (1,155)
    • About us
    • Contact us
    • Privacy Policy
    • Terms & Conditions

    Disclaimer: sportinvestorsleague.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

    Copyright © 2025 sportinvestorsleague.com | All Rights Reserved