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Red Lobster Announces, Nearly 100 Locations , Will Be Shut Down.<br/>NBC reports that approximately 99 Red Lobster locations <br/>will be auctioned off as the seafood chain faces <br/>questions regarding the company's long-term future.<br/>Founder and CEO of the liquidation firm TAGeX Brands, <br/>Neal Sherman, said he would lead the closure of over <br/>50 locations in a May 13 LinkedIn post.<br/>Sherman said equipment from the <br/>locations will be auctioned off.<br/>Locations will reportedly be closed across <br/>the United States, including Denver, <br/>Indianapolis, California and New York.<br/>On May 14, Restaurant Business Magazine reported <br/>a total of 99 locations would close, representing <br/>about 15% of the company's 700 locations. .<br/>NBC reports that the largest seafood <br/>restaurant in the U.S. has struggled with debt, <br/>unfavorable leases and executive turnover.<br/>The chain's troubles also stem from ill-advised <br/>strategies like an all-you-can-eat-shrimp promotion <br/>in 2023 that resulted in a significant loss.<br/>Earlier in 2024, the chain's largest investor, <br/>Thai Union, announced that it would <br/>seek to exit its position. .<br/>The combination of Covid-19 pandemic, <br/>sustained industry headwinds, higher <br/>interest rates and rising material and <br/>labor costs have impacted Red Lobster, <br/>resulting in prolonged negative <br/>financial contributions to <br/>Thai Union and its shareholders, Thiraphong Chansiri, Thai Union Group’s CEO, via NBC.<br/>After detailed analysis, we have <br/>determined that Red Lobster’s <br/>ongoing financial requirements <br/>no longer align with our capital <br/>allocation priorities and <br/>therefore are pursuing an exit <br/>of our minority investment, Thiraphong Chansiri, Thai Union Group’s CEO, via NBC

Red Lobster Announces Nearly 100 Locations Will Be Shut Down

⏲ 1:31 👁 76.1M

20th Century Home Ent

Down Periscope | Full Scene | Now on Digital

⏲ 1 minute 27 seconds 👁 145.4K

Gianna Gould

Down Periscope (1996) - The Final Kill

⏲ 3 minutes 34 seconds 👁 4.2K

During a White House press briefing on Tuesday, Press Secretary Karine Jean-Pierre was asked about Biden’s poll numbers.<br/><br/>Fuel your success with Forbes. Gain unlimited access to premium journalism, including breaking news, groundbreaking in-depth reported stories, daily digests and more. Plus, members get a front-row seat at members-only events with leading thinkers and doers, access to premium video that can help you get ahead, an ad-light experience, early access to select products including NFT drops and more:<br/><br/>https://account.forbes.com/membership/?utm_source=youtube&utm_medium=display&utm_campaign=growth_non-sub_paid_subscribe_ytdescript<br/><br/><br/>Stay Connected<br/>Forbes on Facebook: http://fb.com/forbes<br/>Forbes Video on Twitter: http://www.twitter.com/forbes<br/>Forbes Video on Instagram: http://instagram.com/forbes<br/>More From Forbes:http://forbes.com

‘Why Do You Think Americans Are So Down On President Biden?’: Doocy Grills KJP On Poor Polling

⏲ 4:26 👁 11.3M

PJ Maybe

Down Periscope - Balls to the Walls Boys

⏲ 2 minutes 26 seconds 👁 50.4K

Matthew Berg

Down Periscope (1996) - Nitro Puts Call on the Overhead

⏲ 22 seconds 👁 42.9K

Archival footage of Ignatius Jones being interviewed on an episode of Sounds with Donnie Sutherland that originally aired 20th December 1980.

Shock rocker and music legend Ignatius Jones sits down with Donnie Sutherland

⏲ 0:37 👁 42.5M

Gianna Gould

Down Periscope (1996) - My Crew (Ending)

⏲ 3 minutes 50 seconds 👁 2.9K

MOVIE HOUR

Comedy story about adventures in the US Army | Kelsey Grammer | Full Movies

⏲ 1 hour 38 minutes 25 seconds 👁 431.9K

A statue of a controversial colonial-era Tasmanian Premier has been toppled in Hobart. The statue honoured William Crowther who cut off and stole the skull of a deceased aboriginal man in the 1800s.

Controversial statue of former Tasmanian premier cut down

⏲ 2:5 👁 5M

Admiral Revan

Down Periscope - Anchors Aweigh

⏲ 2 minutes 44 seconds 👁 110.2K

Stuff I Like

Down Periscope - Walk The Plank Scene

⏲ 2 minutes 42 seconds 👁 9.1K

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