Almost 50 Seafood restaurant chains have been shut down in the United States, according to a bankruptcy firm.
Neal Sherman, the CEO and founder of TAGeX Brands, announced in a LinkedIn post that the company may be holding an online bidding for” the largest restaurant bankruptcy.” 48 Red Lobster sites across the United States were closed, according to the TAGeX Brands site.
Red Lobster spots in areas such as closed-companys-website/EGL5UURT5JGZXERLKBYN5I6FPU/”>Jacksonville, Florida, Watertown, New York, and Bloomingdale and Danville, Illinois, were among the eateries that were closed. The shrimp network has more than 700 areas throughout the U. S., according to its site.
” The Furniture, Fixtures, and Equipment from find Red Lobster sites MUST GO ASAP”! In his blog, Sherman wrote. With each bid having a SINGLE win for the items listed on the list from the bidder’s place,” WINNER TAKES ALL,” we’re handling this closing differently than we have in the history.
The seafood restaurant chain apparently considered filing for bankruptcy following its$ 11 million loss of revenue in 2023 as a result of their all-you-can-eat shrimp development.
” For those who have been in the US lengthy,$ 20 was quite cheap”, Red Lobster CFO Ludovic Garnier said in a speech in November. The logic behind this development was to claim that while the price was reasonable, the goal was to increase traffic to the restaurants.
In 2020, ThaiUnion, a Thailand- based company that produces shrimp materials, bought a play in Red Lobster. Thailand Investment Company announced in January 2024 that it would be reinvesting its$ 530 million investment in Red Lobster and would be resulting in a loss of around$ 530 million.
By the time of release, Red Lobster had reached out to Breitbart News for a speech, but it had not received a response.
