Bidenomics: Red Lobster Faces Bankruptcy, Closes ‘120 Restaurants’ in 27 States

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Bidenomics: Red Lobster Faces Bankruptcy, Closes '120 Restaurants' in 27 States

The popular seafood restaurant chain Red Lobster is preparing to file for bankruptcy as it closes nearly 127 locations in 27 states, another victim of “Bidenomics.”

The Red Lobster website listed the affected locations as “closed,” including those in California, Florida, New York, Iowa, and Illinois.

Danville, Illinois, Mayor Rickey Williams Jr. expressed dismay following the closures.

“I was just notified by one of our local Red Lobster managers that after 31 years of serving our community, without notice, their parent company laid off the entire crew and closed the restaurant effective immediately,” Williams wrote.

“This is despite the fact that they were rated number 15 out of over 600 stores for customer service & satisfaction last year. They also shuttered nearly 120 other stores without notice,” Williams added.

The parent company’s decision to close the restaurants comes as it prepares to auction off more than 50 sites across the U.S.

Restaurant liquidation company TageX Brands announced that it will oversee the sale of equipment from the closed restaurant, describing it as the “largest restaurant equipment auction ever.”

TageX wrote on its website:

“As of today, select Red Lobster locations are CLOSED. On our Restaurant Equipment marketplace, we are auctioning off 50+ locations nationwide. These auctions are WINNER TAKES ALL – meaning, each winner will receive the ENTIRE contents of the Red Lobster location they bid on. Auctions are live and will end periodically on Thursday, May 16, 2024.”

The locations participating in the large-scale auction will include the following locations in the following states:

Alabama

Auburn
Decatur

California

Redding
Rohnert Park
Sacramento
San Diego
Torrance

Colorado

Denver
Lakewood
Lone Tree
Wheat Ridge

Florida

Altamonte Springs
Gainesville
Hialeah
Largo
Orlando

Georgia

Athens
Roswell
Dublin

Idaho

Lewiston

Illinois

Bloomingdale
Danville

Indiana

Indianapolis
Elkhart

Iowa

Council Bluffs
Waterloo

Maryland

Gaithersburg
Columbia
Silver Spring
Laurel

Michigan

Fort Gratiot

Mississippi

D’Iberville

New York

Amherst
Kingston
Rochester

New Jersey

Ledgewood

North Dakota

Grand Forks

Oklahoma

Lawton

South Carolina

Myrtle Beach

Texas

Lake Jackson
Longview
San Antonio

Virginia

Colonial Heights
Williamsburg
Newport News

Washington

Silverdale

Wisconsin

Wauwatosa
La Crosse

Earlier this year, the Thai Union Group – Red Lobster’s owner – announced plans to sell its stake in the brand, citing a “combination of [the] COVID-19 pandemic, sustained industry headwinds, higher interest rates, and rising material and labor costs.”

Later, rumors began circulating that Red Lobster was considering filing for bankruptcy to alleviate its financial burdens.

Business Insider reported:

The Wall Street Journal reported that restaurant chain Red Lobster could file for bankruptcy protection as early as next week.

People familiar with the matter told the Journal that the company, overwhelmed with hundreds of millions in debt, plans to file a Chapter 11 bankruptcy petition in Orlando before Memorial Day.

Bloomberg previously reported in April that the restaurant company was considering filing for Chapter 11 bankruptcy protection.

Leasing costs, less foot traffic during COVID-19 lockdowns, and a failed all-you-can-eat shrimp promotion are some of the reasons Red Lobster and outside observers have attributed to the company’s downfall.

READ: ‘Bidenomics:’ Another Major Retailer Files for Bankruptcy

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