Red Lobster Closing Locations And Everything ‘MUST GO ASAP’
You may have noticed that Red Lobster locations are slowly fading away. Sure, last summer they brought back their Ultimate Endless Shrimp deal. But bringing it back resulted in a…
You may have noticed that Red Lobster locations are slowly fading away. Sure, last summer they brought back their Ultimate Endless Shrimp deal. But bringing it back resulted in a $11 million third-quarter loss, according to Food & Wine. The restaurant also reported losing billions in sales in March 2020 during the start of Covid-19 lockdowns. In April, Bloomberg reported that the company was seeking a possible Chapter 11 bankruptcy filing or implementing a restricting plan.
The Company Is Closing More Locations
Now, Red Lobster is closing down over 50 locations nationwide and everything must go. TAGeX Brands, a restaurant liquidator, confirmed to Business Insider on Monday that it would be auctioning off kitchen items and furniture from the locations that would be shut down. The auction began Monday and will end Thursday. Neal Sherman at TAGeX Brands told the outlet that four sales were completed on Monday.
"TAGeX Brands is conducting the largest restaurant equipment auction event ever, auctioning off the contents of 50+ former Red Lobster locations across the country that were closed as part of Red Lobster's footprint rationalization," the company wrote in a statement to Business Insider.
Neal Sherman at TaGeX Brands also took to his LinkedIn account to share more about the auction. “People have heard about the closure of select Red Lobsters. TAGeX Brands is proud to launch the largest restaurant liquidation EVER through its online auction marketplace,” he wrote.
He continued to say that the furniture, fixtures, and equipment from select Red Lobster locations “MUST GO ASAP!” He said that they’re handling this closure differently than they have in the past, with each auction having a single winner for the listed items from the location they bid on, “WINNER TAKES ALL.”
The company has over 700 locations, although it's unclear if the total was updated to reflect the restaurant closures. In the past two years, the company has also faced unsteady leadership, with multiple Red Lobster executives leaving roles.
How To Place a Bid In The Red Lobster Auction?
The auction is taking place nationwide and is live and will end periodically on Thursday, May 16. Some locations include cities in Alabama, Florida, Georgia, Illinois, Indiana, Michigan, South Carolina, and others.
When you click on your city of interest, you’ll see the equipment location, the specifics on the auction end date and pick-up time, and some disclaimers, like “all items are sold as is, where is.”
Check out their website here and find a Red Lobster auction near you.
