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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