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- 05-20-24 RSO News
Check This Out!
It’s your mid-day news…and we have some more info to share with you to ensure you know all that’s going on!
Breaking News
Red Lobster Pulls Up Net on 100 Restaurants as They Get Dipped in Bankruptcy
Watching the fallout of Red Lobster has been a slow burn for many in the restaurant industry. They are suddenly closing no less than 100 of their locations per their website. Spread out across Alabama, Colorado, Florida, New York, and more, these restaurants shuttered with many getting no word from corporate but from other employees.
The rush to close comes as CEO and Founder of TAGeX Brands, Neal Sherman, posted an announcement on LinkedIn about his company hosting an auction for Red Lobster. “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.”
Publicly admitting the company was looking into bankruptcy protections about a month ago, Red Lobster CFO Ludovic Garnier cited their massive promotional losses as the cause. Specifically, this included the 2023 all-you-can-eat shrimp promotion for $20. This promotion, Garnier said, was intended to bring customers in.
Unfortunately, deals like these have been the running joke with the company for ages. Their unbelievably low seafood prices were able to keep people coming in the door following COVID, but the lack of quality, poor management, and declining quality ultimately cost the company.
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