Posted on 05/14/2024 5:21:20 AM PDT by Red Badger
Struggling Red Lobster is abruptly closing at least 48 of its restaurants around the country, according to a leading restaurant liquidator.
TAGeX Brands is conducting an online auction of Red Lobster restaurant inventory, including kitchen equipment, furniture, tables and chairs. The auction begins Monday and continues through Thursday, according to company founder Neal Sherman.
Red Lobster locations in Buffalo, Orlando, Jacksonville and other cities were listed as “temporarily closed” on Red Lobster’s website, according to local news reports.
Red Lobster did not respond to CNN’s requests for comment. The company has around 650 locations.
Red Lobster is reportedly considering filing for bankruptcy protection. The chain has tapped a restructuring expert as its chief executive, a possible indicator of an impending bankruptcy.
The mass closures are another sign of problems at Red Lobster and one of the only times in its more than 50-year history the chain has closed dozens of stores at once.
Red Lobster was a casual dining pioneer, bringing affordable seafood to middle-class consumers for the first time.
But the chain has declined in recent years due to a range of factors, including corporate mismanagement, say former leaders and restaurant analysts.
In 2020, Thai Union, a longtime supplier to Red Lobster, took an undisclosed financial stake in the chain, becoming a key shareholder.
(Excerpt) Read more at cnn.com ...
Ping!.......................
There used to be a time when lobster was just thrown away, now it is considered a premium meat.
“Dead Lobster. Yummmmmm.....”
There are 649 Red Lobsters in the US. A few years ago, there were many fights and skipping out on paying. We haven’t been to one in probably 20 years as there are much better seafood chains.
Red Lobster has been going downhill for decades.
Last time we actually ate there, about ten years ago, it cost us nearly a hundred dollars.
The last time we went into one, about five years ago, they seated us in the worst possible seating in a nearly empty restaurant, so we just got up and left.
Their food is pre-cooked or teh most part, just flash frozen entrees and they just unwrap it and pop it into a 500 degree over until it sizzles. The only thing that is fresh cooked is stuff like fries and veggies, side items and special grilled orders and live lobsters................
Lobster used to be called “Poor man’s chicken” and fed to slaves and prisoners.
Luckily we live in a place that is known for its seafood.
Red Lobster is like going to a McDonald’s for a steak dinner...................
Sea spiders.
No thanks.
Nowadays, lobster is the most commonly requested last meal amongst prisoners on death row.
They’re a 70’s holdover. Long overdue for extinction.
Their cheese biscuits are still killer, though.
Sam’s used to sell their Cheese Biscuit mix.
We bought it once.
It was kinda expensive.
You had to add your own cheese..................
Crappy, warmed-over food, surly wait staff, no refills and expensive menu. And they wonder why they are going out of business..............
I suspect they’ve run into what I’ll call the Chinese Restaurant syndrome. You go into any Chinese restaurant, and they have the same, usually intricate “handmade” foods. Virtually all of those foods are created in a factory, flash frozen, and shipped to the various chains around the country. Food that has been frozen, no matter how seasoned it is, tastes like seasoned cardboard.
Red Lobster was one of the restaurants we studied in my MBA classes. It was nearly impossible to hire enough qualified chefs to staff all the restaurants all over the country for all the hours they were open. So Red Lobster was doing the same thing the Chinese restaurants were doing, mass manufactured, flash frozen meals. In essence, you are going out and paying premium prices to eat a frozen dinner.
This business model is now universal. Either you’re using it or you’re out of business. At least the fast food you get in gas stations is mostly as good or better. It is certainly a lot cheaper. If you’re going out on, say, a date or an occasion, dinner at a chain is not the tastiest experience.
We found this out many years ago, from a former employee of our local Dred Lobster. Our famous local seafood restaurants still cook from scratch, thankfully...................
Old poopy pants handy work. Everything turns to sh!t while he is office.
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