Red Lobster is considering filing for Chapter 11 bankruptcy amid high costs and low sales
Revelation 13:16-18 “Also it causes all, both small and great, both rich and poor, both free and slave, to be marked on the right hand or the forehead, so that no one can buy or sell unless he has the mark, that is, the name of the beast or the number of its name. This calls for wisdom: let the one who has understanding calculate the number of the beast, for it is the number of a man, and his number is 666.”
Important Takeaways:
- The full list of Red Lobster locations that were closed overnight has been revealed.
- The 48 shuttered restaurants will have their contents, including kitchen equipment and furniture, auctioned off on Thursday.
- Closures were announced across 21 states on Monday night, effective immediate
- Florida and California have seen the most closures, followed by Colorado and Maryland.
- The auctions will be run by Restaurant Equipment Bid. They specialize in selling off gear from restaurants that close down and need to liquidate quickly.
- Red Lobster items available vary by location but include the likes of high-performance ovens, upright refrigerators and freezers, cooking and warming gear, as well as ‘comprehensive bar and dining setups’, according to the auction site.
- The struggling chain is eyeing up a possible Chapter 11 filing to restructure its debt, allowing it to discard long-term contracts and renegotiate new leases.
- The abrupt closures come after the company last year reported record losses of $11 million, which its CFO partly blamed on its unlimited shrimp deal.
- The chain, which started as a single restaurant in Lakeland, Florida, in 1968 has around 650 locations across almost all states. It’s famous for its cheese-flavored biscuits.
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