Red Lobster Closes Locations Amidst Financial Struggles
Abandoned Tanks and Freezers Signal Financial Distress
In a grim sign of the times, the Red Lobster restaurant in Mira Mesa has closed its doors, posting a simple sign that reads, "This Location is Closed." This closure is part of a wider trend within the Red Lobster chain, which is owned by seafood product supplier Thai Union. Thai Union acquired a 25% stake in Red Lobster in 2020, with the option to purchase the remaining shares.
Auctioning off Equipment and Locations
As part of the closure process, at least 99 Red Lobster locations are now being auctioned off, including restaurant equipment such as lobster tanks and industrial freezers. This move signals the company's financial struggles and its attempts to recoup some of its losses.
Struggling Chain Experiences Abrupt Closures
Red Lobster has been facing declining sales in recent years, and the COVID-19 pandemic exacerbated its financial challenges. In May 2024, the company abruptly announced the closure of 48 restaurants, leaving employees and customers alike shocked.
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